By Laura Lutz
Des Moines, April 24 - Olivut Resources Ltd. arranged and then upsized a private placement of units, which is now expected to raise C$8.05 million.
The company now plans to sell 4.6 million units of one share and one half-share warrant at C$1.75 per unit. Each whole warrant will be exercisable at C$2.00 for two years.
Genuity Capital Markets will be the lead agent and sole bookrunner.
The deal originally priced Tuesday morning as an offering of 3.175 million units for C$6,501,250. It was upsized later in the day.
Settlement is expected on May 10.
Proceeds will be used for exploration and general corporate purposes.
Olivut is a Toronto-based diamond exploration company.
| Issuer: | Olivut Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$8.05
|
| Units: | 4.6 million
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agents: | Genuity Capital Markets (lead)
|
| Pricing date: | April 24
|
| Upsized: | April 24
|
| Settlement date: | May 10
|
| Stock symbol: | TSX Venture: OLV
|
| Stock price: | C$1.90 at close April 23
|
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