By Devika Patel
Knoxville, Tenn., March 5 - Echelon Capital Corp. said it arranged a C$1 million non-brokered private placement of units. The company also announced a planned business combination with Congo Mineral Resources Sprl.
The company will sell 4,545,455 units at C$0.22 apiece. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.35 for 18 months.
Proceeds will be used for the recommended work program on Congo Mineral Resources' Kasenga permits and for working capital.
Echelon is a capital pool company based in Toronto.
| Issuer: | Echelon Capital Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 4,545,455
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | March 5
|
| Stock symbol: | TSX Venture: ECO.P
|
| Stock price: | C$0.01 at close March 4
|
| Market capitalization: | C$23.6 million
|
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