Deal funds possible asset acquisitions, exploration, working capital
By Devika Patel
Knoxville, Tenn., March 31 - Otterburn Ventures Inc. said it will raise C$5 million in a non-brokered private placement of units.
The company will sell 11,111,111 units of one common share and one half-share warrant at C$0.45 apiece. Each whole warrant will be exercisable at C$0.65 for two years. The strike price reflects a 35.42% premium to the March 31 closing share price of C$0.48.
Proceeds will be used to investigate asset acquisitions and for acquisitions, exploration and general working capital.
The Vancouver, B.C., company explores for silver, gold, zinc, lead, antimony, manganese, arsenic, mercury and other minerals.
| Issuer: | Otterburn Ventures Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 11,111,111
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | March 31
|
| Stock symbol: | CNSX: OTB
|
| Stock price: | C$0.48 at close March 31
|
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