New York, Oct. 12 - Energem Resources Inc. said it raised $10 million from the first closing of a private placement of units of stock and warrants.
In total the placement could raise up to $16 million.
The initial sale was of 7,163,333 units to an institutional investor at a price of C$1.80 per unit.
The total placement is for up to 11,461,333 units.
Each unit is made up of one common share and one warrant to purchase a share at C$2.20 for 30 months.
Regent Mercantile Bancorp Inc. of Toronto and ODL Securities Ltd. of London are agents.
Energem, a Vancouver, B.C., natural resources company, will use proceeds to fund its development program for its energy and mining projects and for the capital and working capital needs of its related trading activities.
| Issuer: | Energem Resources Inc.
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| Issue: | Units of one share of common stock and one warrant
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| Amount: | 7,163,333 units (can be increased to 11,461,333)
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| Price: | C$1.80
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| Warrants: | 7,163,333 (can be increased to 11,461,333)
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| Warrant expiration: | 30 months
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| Warrant strike price: | C$2.20
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| Placement agents: | Regent Mercantile Bancorp Inc., ODL Securities Ltd.
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| Announcement date: | Oct. 12
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| Stock price: | C$2.56 close on Oct. 12
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