Non-brokered offering will fund project work, general working capital
By Devika Patel
Knoxville, Tenn., Aug. 18 – Kootenay Silver Inc. said it raised C$541,000 in the second and final tranche of a C$2.17 million non-brokered private placement of units. The deal priced for C$1.63 million on May 16, was revised on June 20 and raised C$1.63 million on July 18.
The company sold 7,246,833 units of one common share and one warrant at C$0.30 per unit. It sold 5,443,500 units in the initial tranche and 1,803,333 units in the second.
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$2,174,050
|
| Units: | 7,246,833
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
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| 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), Aug. 18 (for C$541,000)
|
| Stock symbol: | TSX Venture: KTN
|
| Stock price: | C$0.32 at close May 15
|
| Market capitalization: | C$19.47 million
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