Company offers 18,427,500 units of one common share and one warrant
By Devika Patel
Knoxville, Tenn., May 4 – Encanto Potash Corp. said it completed its C$2.21 million private placement of units. The deal priced on April 22 and was increased to C$2.04 million from C$1.8 million on April 24.
The company sold 18,427,500 units of one common share and one warrant at C$0.12 per unit, with each warrant exercisable at C$0.17 for one year. The strike price is a 21.43% premium to C$0.14, the April 21 closing share price.
Marquest Capital Markets and Secutor Capital Management Corp. were paid a $63,600 finder’s fee.
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$2,211,300
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Units: | 18,427,500
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Price: | C$0.12
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.17
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Pricing date: | April 22
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Upsized: | April 24
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Settlement date: | May 4
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Stock symbol: | TSX Venture: EPO
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Stock price: | C$0.14 at close April 21
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Market capitalization: | C$39.63 million
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