By Devika Patel
Knoxville, Tenn., Oct. 24 - Maximus Ventures Ltd. said it has closed a C$3.2 million private placement of units. The deal priced on Sept. 19.
The company sold a total of 10,666,666 units of one share and one warrant at C$0.30 per unit. Of these, 9.73 million units were brokered and 936,666 units were non-brokered. Each warrant will be exercisable at C$0.40 for 18 months.
Expiry of the warrants may be accelerated if, at any time more than four months after closing, the closing price of the company's shares is at least C$0.40 for 30 consecutive trading days.
The company sold 666,666 more units than planned for an extra C$200,000.
Dundee Securities Corp. and Primary Capital Inc. were the agents for the brokered portion of the placement. Dundee and Primary were paid a 6% cash commission for their respective sales and received non-transferable agents' warrants to purchase up to 291,900 common shares each at C$0.30 per share for 18 months.
All of the securities have a four-month hold period.
Proceeds will be used for exploration and working capital.
Maximus is a precious-metals exploration company based in Longueuil, Quebec.
| Issuer: | Maximus Ventures Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3.2 million
|
| Units: | 10,666,666
|
| Price: | C$0.30
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agents: | Dundee Securities Corp., Primary Capital Inc. (for 9,730,000 units); non-brokered (for 936,666 units)
|
| Fees: | 6% in cash; agents' warrants to purchase up to 291,900 common shares each
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 24
|
| Stock symbol: | TSX Venture: MXV
|
| Stock price: | C$0.30 at close Sept. 18
|
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