Deal funds possible asset acquisitions, exploration, working capital
By Devika Patel
Knoxville, Tenn., April 26 - Otterburn Ventures Inc. issued a correction Tuesday, saying that the increased non-brokered private placement of units will raise C$6.75 million, not C$6.25 million. The deal priced March 31 and was increased from C$5 million on Monday.
The company will now sell 15 million 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 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$6.75 million
|
| Units: | 15 million
|
| 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
|
| Upsized: | April 25
|
| Stock symbol: | CNSX: OTB
|
| Stock price: | C$0.48 at close March 31
|
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