By Devika Patel
Knoxville, Tenn., Oct. 26 - Otish Energy Inc. said it plans a C$1 million private placement of shares and units.
The company will sell up to 7.5 million flow-through common shares at C$0.10 each, generating up to C$750,000 of proceeds.
Otish Energy also will sell up to 2.5 million units at C$0.10 apiece for a total of up to C$250,000.
Each unit will consist of one common share and one warrant, with each two-year warrant exercisable at C$0.15 in the first year and at C$0.20 thereafter.
Proceeds will be used for the company's planned acquisition of nine mineral claims forming the Lac du Raton Property in the Quesnel Township, Lac St-Jean Area of Quebec and for exploration and working capital.
Otish Energy is a mineral resource company in Vancouver, B.C.
| Issuer: | Otish Energy Inc.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$1 million
|
| Pricing date: | Oct. 26
|
| Stock symbol: | TSX Venture: OEI
|
| Stock price: | C$0.025 at close Oct. 23
|
| Market capitalization: | C$1.39 million
|
|
|
| Flow-through share
|
| Amount: | C$750,000
|
| Shares: | 7.5 million
|
| Price: | C$0.10
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$250,000
|
| Units: | 2.5 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 thereafter
|
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