Proceeds are earmarked for working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 18 - First Pursuit Ventures Ltd. said Monday that it has increased a private placement of units. The non-brokered offering priced for C$1.05 million on Dec. 20 and will now raise C$1.25 million.
The company is selling 8,333,333 units of one common share and one five-year warrant at C$0.15 per unit. Each warrant is exercisable at C$0.20 in the first year and at C$0.25 in the remaining four years.
The strike prices are 29.03% and 61.29% premiums to the Dec. 17 closing share price of C$0.155.
Proceeds will be used for working capital and general expenses.
Based in Vancouver, B.C., First Pursuit explores for precious and base metals.
| Issuer: | First Pursuit Ventures Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.25 million
|
| Units: | 8,333,333
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.20 in the first year, C$0.25 in remaining four years
|
| Pricing date: | Dec. 20
|
| Upsized: | Jan. 17
|
| Stock symbol: | TSX Venture: FPV
|
| Stock price: | C$0.155 at close Dec. 17
|
| Market capitalization: | C$5.19 million
|
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