34,516,129 units sold at C$0.30 per unit to EMR Capital Resources Fund
By Devika Patel
Knoxville, Tenn., May 12 – EPM Mining Ventures Inc. said it has arranged a C$10.36 million private placement of units with EMR Capital Resources Fund 1, LP.
The company will sell 34,516,129 units of one common share and one warrant at C$0.30 per unit. The warrants are each exercisable at C$0.4243 for two years. The strike price reflects a 63.19% premium to the May 11 closing share price of C$0.26.
Settlement is expected June 30.
Proceeds will be used for development and general working capital purposes.
The Toronto company explores for potash, oil and natural gas.
| Issuer: | EPM Mining Ventures Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10,354,839
|
| Units: | 34,516,129
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.4243
|
| Investor: | EMR Capital Resources Fund 1, LP
|
| Pricing date: | May 12
|
| Settlement date: | June 30
|
| Stock symbol: | TSX Venture: EPK
|
| Stock price: | C$0.26 at close May 11
|
| Market capitalization: | C$34.7 million
|
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