By Laura Lutz
Des Moines, Jan. 18 - Ontario Hose Specialties Inc. increased its previously announced private placement of subscription receipts to C$40 million from 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.
The deal originally priced on Jan. 15. Settlement is expected on Feb. 5.
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.
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Issue: | Subscription receipts exchangeable for units of one share and one warrant
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Amount: | C$40 million (upsized from C$35 million)
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Price: | C$0.65
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Warrants: | One per unit upon exchange
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.90
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Pricing date: | Jan. 15
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Upsized: | Jan. 18
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Settlement date: | Feb. 5
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Stock symbol: | TSX Venture: OHS.H
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Stock price: | C$0.72 at close on Jan. 15
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Stock price: | C$0.69 at close on Jan. 17
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