$2 million of offering proceeds are earmarked for company's subsidiary
By Devika Patel
Knoxville, Tenn., March 14 - Newcastle Resources Ltd. said it completed a private placement of stock. The deal priced for $2.5 million on Feb. 15 and raised $2.55 million.
The company sold 2.55 million common shares at $1.00 apiece. The price per share is a 42.86% discount to the Feb. 14 closing share price of $1.75.
Proceeds will be allocated as a $2 million financing commitment to the company's subsidiary, TrichoScience Innovations Inc., and also used for working capital.
Based in Vancouver, B.C., Newcastle seeks to cure baldness.
| Issuer: | Newcastle Resources Ltd.
|
| Issue: | Common stock
|
| Amount: | $2.55 million
|
| Shares: | 2.55 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 14
|
| Stock symbol: | OTCBB: NCSLF
|
| Stock price: | $1.75 at close Feb. 15
|
| Market capitalization: | $47.34 million
|
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