By Sheri Kasprzak
New York, May 18 - Migao Corp. has settled an C$18,134,550 private placement as part of its reverse takeover with Fox Mountain Explorations Ltd.
The company issued 6,363,000 units at C$2.85 each.
The units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$3.70 for two years.
The offering was placed through a syndicate of agents led by Research Capital Corp. and CIBC World Markets Inc. and including Haywood Securities Inc.
Proceeds from the deal will be used for the expansion of production on the company's Guandong Migao potassium sulphate manufacturing facility in southern China.
After the reverse takeover, Fox Mountain's shares were consolidated on a 1-for-17 basis for 500,000 total shares of Migao outstanding before the takeover and financing.
Toronto-based Migao manufactures potash-based fertilizers at facilities in China.
| Issuer: | Migao Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$18,134,550
|
| Units: | 6,363,000
|
| Price: | C$2.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.70
|
| Placement agents: | Research Capital Corp. (lead), CIBC World Markets Inc. (lead), Haywood Securities Inc.
|
| Settlement date: | May 18
|
| Stock symbol: | TSX Venture: MGO
|
| Stock price: | Not presently being traded
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