By Devika Patel
Knoxville, Tenn., Jan. 28 - Ocean Park Ventures Corp. said it completed a C$7 million private placement of units and subscription receipts.
The company sold 14 million subscription receipts at C$0.50 apiece.
Each subscription receipt will automatically convert into one of one common share and one half-share warrant upon completion of the company's planned participation in a joint venture with International Tower Hill Mines Ltd. Each whole warrant will be exercisable at C$0.75 for two years.
Proceeds will be used for the joint venture and general working capital.
Based in Vancouver, B.C., Ocean Park is seeking new business opportunities.
| Issuer: | Ocean Park Ventures Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$7 million
|
| Receipts: | 14 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Settlement date: | Jan. 28
|
| Stock symbol: | TSX Venture: OCP.H
|
| Stock price: | C$0.80 at close Jan. 28
|
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