By Laura Lutz
Washington, Feb. 1 - KPS Ventures Ltd. increased the size of its previously announced private placement of subscription receipts to C$19 million from C$15 million.
The company plans to sell 38 million subscription receipts at C$0.50 each.
The receipts will be exchanged for units of one share and one half-share warrant once the company completes its acquisition of Lerida Bay Ltd.
The whole warrants associated with the units are exercisable at C$0.75 each for two years.
Sprott Securities Inc. and GMP Securities LP are the placement agents for the deal.
When it priced on Jan. 16, the offering was slated to include up to 30 million subscription receipts at the same price.
Proceeds will be used for exploration and development on the company's uranium properties and for general corporate purposes.
Once its acquisition of Lerida Bay is completed, KPS will change its name to Energentia Inc.
Based in Vancouver, B.C., KPS Ventures is a mineral exploration company.
| Issuer: | KPS Ventures Ltd.
|
| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
|
| Amount: | C$19 million
|
| Receipts: | 38 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Placement agents: | Sprott Securities Inc. and GMP Securities LP
|
| Pricing date: | Jan. 16
|
| Upsized: | Feb. 1
|
| Stock symbol: | TSX Venture: KPS.H
|
| Stock price: | C$0.66 at close Jan. 16
|
| Stock price: | C$0.60 at close Feb. 1
|
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