Company sells 8.5 million common shares at C$0.60 per share to Itochu
By Devika Patel
Knoxville, Tenn., Feb. 6 - Kaizen Discovery Inc. said it settled a C$5.1 million private placement of stock with Itochu Corp.
The company sold 8.5 million common shares at C$0.60 apiece. The price per share is a 27.71% discount to the Feb. 5 closing share price of C$0.83.
Proceeds will be used for exploration and development activities, as well as for general corporate and working capital purposes.
The Vancouver, B.C., company explores for gold and copper.
| Issuer: | Kaizen Discovery Inc.
|
| Issue: | Common shares
|
| Amount: | C$5.1 million
|
| Shares: | 8.5 million
|
| Price: | C$0.60
|
| Warrants: | No
|
| Investor: | Itochu Corp.
|
| Settlement date: | Feb. 6
|
| Stock symbol: | TSX Venture: KZD
|
| Stock price: | C$0.83 at close Feb. 5
|
| Market capitalization: | C$93.96 million
|
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