Non-brokered offering will fund project work, general working capital
By Devika Patel
Knoxville, Tenn., July 18 – Kootenay Silver Inc. said it raised C$1.63 million in the first tranche of a C$2.5 million non-brokered private placement of units. The deal priced on May 16 and was revised on June 20.
The company is selling 8.33 million units of one common share and one warrant at C$0.30 per unit. It sold 5,443,500 units in the initial tranche.
Each warrant is exercisable at C$0.55, decreased from C$0.60, for two years. The strike price is a 71.88% premium to the May 15 closing share price of C$0.32.
Proceeds will be used for work on the company’s properties and general working capital.
Kootenay is a silver exploration company based in Vancouver, B.C.
| Issuer: | Kootenay Silver Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 8.33 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | May 16
|
| Amended: | June 20
|
| Settlement date: | July 18 (for C$1,633,050)
|
| Stock symbol: | TSX Venture: KTN
|
| Stock price: | C$0.32 at close May 15
|
| Market capitalization: | C$23.24 million
|
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