By Laura Lutz
Des Moines, Jan. 16 - Ontario Hose Specialties Inc. arranged a private placement of subscription receipts for C$35 million.
The subscription receipts will be priced at C$0.65.
Each subscription receipt will be exchangeable for one unit of one share and one warrant upon completion of the company's acquisition of Signature Capital Corp.'s interest in a farm-in agreement with Vermilion REP SAS, a subsidiary of Vermilion Exploration SAS.
Each unit will consist of one share and one warrant with each warrant exercisable at C$0.90 for 18 months.
Settlement is expected on Jan. 31.
Proceeds will be used for the $6 million purchase price of the acquisition, to finance the company's obligations under the farm-in agreement and for working capital.
The company currently has 62,566,033 shares outstanding.
Based in Vancouver, B.C., Ontario Hose sells hose, fittings and accessories to industrial customers.
| Issuer: | Ontario Hose Specialties Inc.
|
| Issue: | Subscription receipts exchangeable for units of one share and one warrant
|
| Amount: | C$35 million
|
| Price: | C$0.65
|
| Warrants: | One per unit upon exchange
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.90
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: OHS.H
|
| Stock price: | C$0.72 at close Jan. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
