By Laura Lutz
Des Moines, May 15 - Deal Capital Ltd. raised C$2.95 million from the last tranche of a C$6.2 million private placement of subscription receipts.
The final tranche, which was the non-brokered portion of the placement, included 5.9 million subscription receipts at C$0.50 each.
In total, the placement included 12.4 million subscription receipts at the same price.
Each subscription receipt will be exchanged for one unit upon completion of the company's qualifying transaction, the planned acquisition of the Santa Gertrudis gold deposit.
If the transaction is not completed by June 20, the proceeds of the placement will be refunded to the purchasers.
Each unit issued upon exchange will consist of one share and one half-share transferable warrant with each whole warrant exercisable at C$1.00 for two years.
The brokered portion, which settled on May 10, consisted of 6.5 million subscription receipts placed through Pacific International Securities Inc.
The placement size was increased to C$6 million from C$5 million on April 25. At the same time, the size of the brokered portion was increased to C$3.25 million from C$3 million.
The remainder of the placement closed May 15.
Proceeds will be used to explore the Santa Gertrudis project, to make payments to Sonora Gold Corp. and to make option payments to the Lopez-Limon claim holders as well as for working capital.
Deal Capital is a capital pool company based in Vancouver, B.C.
Issuer: | Deal Capital Ltd.
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Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
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Amount: | C$6.2 million
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Receipts: | 12.4 million
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Price: | C$0.50
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Warrants: | One half-share warrant per unit upon exchange
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Warrant expiration: | Two years
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Warrant strike price: | C$1.00
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Agent: | Pacific International Securities Inc. (for C$3.25 million); non-brokered (for C$2.95 million)
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Pricing date: | April 11
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Upsized: | April 25
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Settlement date: | May 10 (for C$3.25 million); May 15 (for C$2.95 million)
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Stock symbol: | TSX Venture: DCP.P
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Stock price: | C$0.325 at close April 10
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Stock price: | C$0.325 at close April 25
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Stock price: | C$0.325 at close May 9
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Stock price: | C$0.325 at close May 15
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