Non-brokered deal sells 5 million units of one share and one warrant
By Devika Patel
Knoxville, Tenn., Aug. 11 – Kootenay Silver Inc. said it raised C$1,075,950 in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced on July 16.
The company is selling 5 million units of one common share and one warrant at C$0.30 per unit. It sold 3,586,500 units in the initial tranche.
Each warrant is exercisable at C$0.55 for two years, with the first-tranche warrants exercisable until Aug. 10, 2017. The strike price is an 83.33% premium to the July 15 closing share price of C$0.30.
Proceeds will be used for work on the Promontorio property and other properties and general working capital.
Kootenay is a silver exploration company based in Vancouver, B.C.
Issuer: | Kootenay Silver Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.5 million
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Units: | 5 million
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Price: | C$0.30
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Warrants: | One warrant per unit
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Warrant expiration: | Two years, Aug. 10, 2017
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Warrant strike price: | C$0.55
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Agent: | Non-brokered
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Pricing date: | July 16
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Settlement date: | Aug. 11 (for C$1,075,950)
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Stock symbol: | TSX Venture: KTN
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Stock price: | C$0.30 at close July 15
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Market capitalization: | C$21.64 million
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