By Sheri Kasprzak
New York, Sept. 1 - Uniterre Resources Ltd. raised C$1,655,000 from a private placement of units comprised of convertible debentures and warrants.
The company issued 1,655 units at C$1,000 each. Each unit consists of C$1,000 in principal of convertible debentures and warrants for 1,000 shares.
The 8% debentures are due in 2.5 years and are convertible into flow-through units of one share and one half-share warrant at C$0.50 each.
Each of the whole warrants is exercisable at C$0.55 for two years.
Northern Securities Inc. was the underwriter for the deal.
The company expects that a second closing of the deal may occur following shareholder approval.
Proceeds will be used by NaiJun Wind Development Inc., the developer of NaiKun Wind Farm in British Columbia.
Vancouver, B.C.-based Uniterre develops renewable energy sources focused on wind power projects.
| Issuer: | Uniterre Resources Ltd.
|
| Issue: | Units of C$1,000 in convertible debentures and 1,000 warrants
|
| Amount: | C$1,655,000
|
| Units: | 1,655
|
| Price: | C$1,000
|
| Maturity: | 2.5 years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.50 into units of one flow-through share and one half-share warrant
|
| Warrants: | For 1,000 warrants per unit and one half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Placement agent: | Northern Securities Inc.
|
| Settlement date: | Sept. 1
|
| Stock symbol: | TSX Venture: UNT
|
| Stock price: | C$0.40 at close on Sept. 1
|
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