Deal funds possible asset acquisitions, exploration, working capital
By Jennifer Chiou and Devika Patel
New York, May 11 - Otterburn Ventures Inc. said it took in gross proceeds of C$6.78 million in its non-brokered private placement of units. The deal priced on March 31 and was previously increased to C$6.75 million from C$5 million.
The company sold 15,065,775 units of one common share and one half-share warrant at C$0.45 per unit. Each whole warrant is 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 company paid a cash finder's fee of C$436,801 and issued 970,667 finders' warrants.
In other news, Otterburn said that Robert Cairns resigned as director, effective May 9.
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$6,779,599
|
| Units: | 15,065,775
|
| 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
|
| Settlement date: | May 11
|
| Stock symbol: | CNSX: OTB
|
| Stock price: | C$0.48 at close March 31
|
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