Investor SinoTech purchases 62 million ordinary shares at A$0.20 each
By Devika Patel
Knoxville, Tenn., May 24 - Enterprise Metals Ltd. said it has arranged a private placement to sell shares to SinoTech (Hong Kong) Corp. Ltd. for A$12.4 million. Worldtex Capital Resources Ltd. is the underwriter.
The company will sell 62 million shares at A$0.20 apiece to SinoTech. The price per share is identical to the A$0.20 closing share price on May 23.
SinoTech also received 20 million options, which are each exercisable at A$0.25 for two years. The investor will receive another 11 million options if 10 million of the initial options are exercised within one year. The second set of options will have the same terms as those initially given to the investor.
The strike price reflects a 25% premium to the May 23 closing share price.
SinoTech also may nominate two directors to the company's board.
The gold, uranium and iron ore explorer is based in North Perth, Australia.
| Issuer: | Enterprise Metals Ltd.
|
| Issue: | Shares
|
| Amount: | A$12.4 million
|
| Shares: | 62 million
|
| Price: | A$0.20
|
| Options: | 20 million
|
| Option expiration: | Two years
|
| Option strike price: | A$0.25
|
| Underwriter: | Worldtex Capital Resources Ltd.
|
| Investor: | SinoTech (Hong Kong) Corp. Ltd.
|
| Pricing date: | May 24
|
| Stock symbol: | Australia: ENT
|
| Stock price: | A$0.20 at close May 24
|
| Market capitalization: | A$25.39 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
