Non-brokered offering funds business plan, working capital purposes
By Devika Patel
Knoxville, Tenn., Feb. 7 - Orient Venture Capital Inc. said it plans a C$3.5 million non-brokered private placement of units as part of its qualifying transaction with Virginia Energy Resources Inc.
The company will sell 17.5 million units of one common share and a half-share warrant at C$0.20 per unit. Each whole warrant is exercisable at C$0.40 for two years. The strike price reflects a 471.43% premium to the Feb. 6 closing share price of C$0.07.
Proceeds will be used to fund the company's business plan and for general working capital purposes.
Based in Vancouver, B.C., Orient is a capital pool company. It plans to become an exploration-stage mining company by acquiring Virginia Energy Resources' Hawk Ridge copper-nickel-PGM property in Ungava Bay, Quebec.
| Issuer: | Orient Venture Capital Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.5 million
|
| Units: | 17.5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 7
|
| Stock symbol: | TSX Venture: OVC.H
|
| Stock price: | C$0.07 at close Feb. 6
|
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