By Devika Patel
Knoxville, Tenn., July 2 - Kiwara plc said it finalized plans for a $6 million private placement of stock. The deal was announced on April 29.
The company will sell about 19.5 million ordinary shares at 18.697p apiece to International Finance Corp. The investor will also receive one warrant per share. The warrants are exercisable at 37p for three years.
Proceeds will be used to finance the company's exploration of the Kalumbila, Kawako and other regional targets within Prospecting Licence 267 in north western Zambia.
Kiwara is a Surrey, England-based natural resources explorer.
| Issuer: | Kiwara plc
|
| Issue: | Ordinary shares
|
| Amount: | $6 million
|
| Shares: | 19.5 million (approximate)
|
| Price: | 18.697p
|
| Warrants: | One per share
|
| Warrant expiration: | Three years
|
| Warrant strike price: | 37p
|
| Investor: | International Finance Corp.
|
| Announcement date: | April 29
|
| Pricing date: | July 2
|
| Stock symbol: | London: KIW
|
| Stock price: | 38p at close July 2
|
| Market capitalization: | £63.6 million
|
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