Deal consists of two types of units with 18-month attached warrants
By Devika Patel
Knoxville, Tenn., Dec. 4 - Encanto Potash Corp. said it settled a C$1.91 million non-brokered private placement of units. The deal priced for C$1.76 million on Dec. 2.
The company sold 3,884,411 non flow-through units of one common share and one half-share warrant at C$0.17 per unit and 6,222,500 flow-through units of one flow-through common share and one half-share warrant at C$0.20 per unit.
The whole warrants are each exercisable at C$0.30 until June 4, 2015. The strike price is a 66.67% premium to the Nov. 29 closing share price of C$0.18.
Secutor Capital Management Corp. was paid a finder's fee.
Proceeds will be used for exploration and general working capital.
Encanto Potash is a natural resource company based in Vancouver, B.C.
| Issuer: | Encanto Potash Corp.
|
| Issue: | Non flow-through units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant.
|
| Amount: | C$1,904,850
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 4, 2015
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 4
|
| Stock symbol: | TSX Venture: EP0
|
| Stock price: | C$0.18 at close Nov. 29
|
| Market capitalization: | C$47.39 million
|
|
|
| Non flow-through units
|
| Amount: | C$660,350
|
| Units: | 3,884,411
|
| Price: | C$0.17
|
|
|
| Flow-through units
|
| Amount: | C$1,244,500
|
| Units: | 6,222,500
|
| Price: | C$0.20
|
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