By Sheri Kasprzak
New York, Sept. 22 - International PBX Ventures Ltd. said it plans to raise C$5 million from a private placement of units.
The company plans to sell 5,882,353 units at C$0.85 each.
The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.05 for the first seven months and C$1.30 for the remaining eight months.
Kingsdale Capital Markets Inc. is the placement agent for the offering, which is scheduled to close Oct. 30.
Proceeds will be used for drilling at the company's Chilean properties and for general corporate purposes.
Based in Vancouver, B.C., International PBX is a mineral exploration company.
| Issuer: | International PBX Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 5,882,353
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| Price: | C$0.85
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 15 months
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| Warrant strike price: | C$1.05 for the first seven months; C$1.30 for the remaining eight months
|
| Placement agent: | Kingsdale Capital Markets Inc.
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 30
|
| Stock price: | C$0.77 at close Sept. 22
|
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