By Devika Patel
Knoxville, Tenn., May 17 - Encanto Potash Corp. said it will conduct a C$6 million private placement of shares and units via agent Mackie Research Capital Corp. The securities will be sold on a best-efforts basis.
The company will sell up to flow-through common shares at C$0.23 each, generating up to C$5 million of proceeds.
Encanto Potash also will sell units at C$0.20 apiece for a total of up to C$1 million.
Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.25 for two years.
Proceeds will be used for exploration and working capital.
Encanto Potash is a natural resource company based in Vancouver, B.C.
| Issuer: | Encanto Potash Corp.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Agent: | Mackie Research Capital Corp.
|
| Pricing date: | May 17
|
| Stock symbol: | TSX Venture: EPO
|
| Stock price: | C$0.175 at close May 14
|
| Market capitalization: | C$25.2 million
|
|
|
| Flow-through shares
|
| Amount: | C$5 million
|
| Price: | C$0.23
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
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