Deal conducted alongside reverse takeover of Drone Delivery Canada
By Devika Patel
Knoxville, Tenn., April 11 – Asher Resources Corp. said that it has arranged a C$2.5 million private placement of subscription receipts. First Republic Capital Corp. is the agent.
The company will sell 17,857,142 subscription receipts at C$0.14 apiece on a best-efforts basis. Each receipt converts to one common share.
The deal will be conducted in connection with the company’s planned reverse takeover with Drone Delivery Canada Inc. and is conditional upon the takeover.
Proceeds will be used to further the resulting issuer’s business and for general working capital purposes.
Toronto-based Asher is a gold exploration company.
Issuer: | Asher Resources Corp.
|
Issue: | Subscription receipts
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Amount: | C$2.5 million
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Receipts: | 17,857,142
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Price: | C$0.14
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Warrants: | No
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Agent: | First Republic Capital Corp.
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Pricing date: | April 11
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Stock symbol: | TSX Venture: ACN
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Stock price: | C$0.01 at close April 8
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Market capitalization: | C$360,910
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