Warrants are convertible into units of one common share and a warrant
By Devika Patel
Knoxville, Tenn., April 17 – Ireland Inc. raised $3.8 million in a private placement of special warrants. The deal priced for up to $3 million on March 4 and was completed in tranches, with the company raising $560,000 in the last tranche. Ireland said it raised $3.24 million in the sale on March 26.
The company sold 19 million special warrants at $0.20 each.
The special warrants may be converted, at no additional cost, on a 1-to-1 basis into units. Each unit consists of one common share and one warrant, with each warrant exercisable at $0.40 until Feb. 28, 2020. The strike price is a 17.6% premium to the $0.34 closing share price on March 3.
The company will force conversion of any special warrants that are not exercised before the earlier of Feb. 28, 2016 and one month after the company raises at least $7 million in an equity offering.
The special warrants’ term ends on the earlier of Feb. 28, 2016 and the date that is one month after the company completes any transaction or number of transactions involving the sale of its common stock or common stock equivalents for total gross proceeds of $7 million or more.
The company’s board of directors approved the offering on March 4.
Ireland is an exploration stage precious metals miner based in Henderson, Nev.
| Issuer: | Ireland, Inc.
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| Issue: | Special warrants convertible into units of one common share and a warrant
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| Amount: | $3.8 million
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| Special warrants: | 19 million
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| Price: | $0.20
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| Expiration: | The earlier of Feb. 28, 2016 and one month after the company raises at least $7 million in an equity offering
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| Warrants: | One warrant per unit upon conversion
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| Warrant expiration: | Feb. 28, 2020
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| Warrant strike price: | $0.40
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| Pricing date: | March 4
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| Settlement date: | March 26 (for $3.24 million) April 17 (for $560,000)
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| Stock symbol: | OTCBB: IRLD
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| Stock price: | $0.34 at close March 3
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| Market capitalization: | $58.06 million
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