By Sheri Kasprzak
New York, Feb. 2 - Kit Resources Ltd. increased to C$200 million its previously announced C$150 million private placement.
The deal now includes up to 166,666,667 subscription receipts at C$1.20 each, increased from 125 million.
Each receipt is exchangeable for one share once the company settles its acquisition of Summit Energy Co., LLC.
Canaccord Adams Inc. and Orion Securities Inc. are the placement agents.
Proceeds will be used for the acquisition of Summit and for drill programs and working capital.
Vancouver, B.C.-based Kit Resources is a diamond exploration company.
| Issuer: | Kit Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for common stock
|
| Amount: | C$200 million
|
| Receipts: | 166,666,667
|
| Price: | C$1.20
|
| Warrants: | No
|
| Placement agents: | Canaccord Adams Inc., Orion Securities Inc.
|
| Pricing date: | Jan. 18
|
| Upsized: | Feb. 1
|
| Stock symbol: | TSX Venture: KIT
|
| Stock price: | C$1.40 at close Jan. 18
|
| Stock price: | C$1.77 at close Feb. 1
|
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