Company hopes to fund acquisition of premium leasehold properties
By Devika Patel
Knoxville, Tenn., Dec. 20 - Universal Potash Corp. said it arranged an equity financing agreement. It will raise up to $1 million through this arrangement.
The company will sell units of one common share and one warrant at $0.15 per unit to a single investor. Universal Potash may draw upon the funds as needed.
Each whole two-year warrant will be exercisable at $0.25 in the first year and at $0.50 in the second year. The strike prices reflect 77.31% and 254.61% premiums to the Dec. 20 closing share price of $0.141.
Proceeds will be used for the acquisition of additional premium leasehold properties and development of these and other properties and business interests.
Universal Potash is a potash mining company based in Fox Island, Wash.
| Issuer: | Universal Potash Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1 million
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.25 in the first year, $0.50 in the second year
|
| Pricing date: | Dec. 20
|
| Stock symbol: | Pink Sheets: UPCO
|
| Stock price: | $0.141 at close Dec. 17
|
| Market capitalization: | $5.43 million
|
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