By Devika Patel
Knoxville, Tenn., Oct. 23 - GTA CorpFin Capital Inc. announced it will conduct a private placement of flow-through units to raise at least C$4.5 million and up to C$6 million.
The company will sell between 11.25 million and 15 million units at C$0.40 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 for one year.
Canaccord Capital Corp. is the agent and will be paid an 8% cash commission and a number of warrants equal to 8% of the total number of units sold in the deal. Each warrant is exercisable for one common share at C$0.40 for 14 months.
Canaccord will also have the option to take up to 25% of the cash commission in common shares at C$0.40 per share and be paid a C$60,000 corporate finance fee, which will be reduced to C$40,000 if the Toronto Venture Exchange waives its sponsorship requirements. GTA is seeking an exemption from the sponsorship requirements and has also agreed to pay for all of Canaccord's expenses in connection with the deal.
GTA is based in Burlington, Ont.
| Issuer: | GTA CorpFin Capital Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4.5 million (minimum), C$6 million (maximum)
|
| Units: | 11.25 million (minimum), 15 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Canaccord Capital Corp.
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| Fees: | 8% in cash, 8% in warrants, C$60,000
|
| Pricing date: | Oct. 23
|
| Stock symbol: | TSX Venture: GTA.P
|
| Stock price: | C$0.26 at close Oct. 23
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