Non-brokered deal sells 10 million units of one share and one warrant
By Devika Patel
Knoxville, Tenn., Sept. 25 – Encanto Potash Corp. said it will conduct a C$1 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.10 per unit, with each warrant exercisable at C$0.30 for two years. The strike price is a 172.73% premium to C$0.11, the Sept. 24 closing share price.
Up to C$600,000 of the units will be sold to the company’s existing shareholders. The remaining C$400,000 will be sold to major shareholders, insiders, directors, employees and consultants.
Proceeds will be used for general working capital.
The potash explorer is based in Vancouver, B.C.
Issuer: | Encanto Potash Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$1 million
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Units: | 10 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Sept. 25
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Stock symbol: | TSX Venture: EPO
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Stock price: | C$0.11 at close Sept. 24
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Market capitalization: | C$30.63 million
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