Deal funds uranium exploration at Angilak and Hatchet Lake properties
By Devika Patel
Knoxville, Tenn., April 20 – Kivalliq Energy Corp. said it raised C$1.52 million in the initial tranche of a C$2.72 million non-brokered private placement of units. The deal priced for C$2.7 million on March 30.
The company is selling 10 million units of one common share and a half-share warrant at C$0.12 per unit and flow-through units of one flow-through common share and a half-share warrant at C$0.15 per unit.
It sold 10,152,134 flow-through units in the first tranche. At pricing, the company said it planned to sell 10 million flow-through units.
Each whole warrant is exercisable at C$0.18 for two years. The strike price reflects a 50% premium to the March 27 closing share price of C$0.12.
Settlement of the second tranche of 10 million units is expected on April 28.
Proceeds will be used for uranium exploration at the Angilak and Hatchet Lake properties and general corporate purposes.
Kivalliq is a uranium exploration and development company based in Vancouver, B.C.
| Issuer: | Kivalliq Energy Corp.
|
| Issue: | Units of one common share and a half-share warrant, flow-through units of one flow-through common share and a half-share warrant
|
| Amount: | C$2,722,820
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | March 30
|
| Upsized: | April 20
|
| Settlement date: | April 20 (for C$1,522,820), April 28 (for C$1.2 million)
|
| Stock symbol: | TSX Venture: KIV
|
| Stock price: | C$0.12 at close March 27
|
| Market capitalization: | C$25.51 million
|
|
|
| Units
|
| Amount: | C$1.2 million
|
| Units: | 10 million
|
| Price: | C$0.12
|
|
|
| Flow-through units
|
| Amount: | C$1,522,820
|
| Units: | 10,152,134
|
| Price: | C$0.15
|
|
|
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