By Laura Lutz
Des Moines, Aug. 2 - Poly-Pacific International Inc. completed its previously reported private placement of units for C$864,564, down sharply from the C$1.75 million maximum size announced at pricing on July 20.
The company sold 1,450,277 units at C$0.18 each.
The placement was settled in two tranches. The first tranche, for C$603,514, consisted of 3,352,853 units and closed on July 20. The second, for C$261,050, consisted of 1,450,277 units and closed on Thursday.
Each unit consists of one share and one two-year warrant. The warrants are exercisable at C$0.30 during the first year and at C$0.40 thereafter.
Proceeds will be used for general working capital, to investigate other reclamation sites in North America and perform due diligence on other related technologies.
Poly-Pacific is a Nanaimo, B.C.-based recycling company.
Issuer: | Poly-Pacific International Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$864,564
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Units: | 4,803,130
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Price: | C$0.18
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30 for the first year; C$0.40 for the second year
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Agent: | Non-brokered
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Pricing date: | July 20
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Settlement date: | July 20 (for C$603,514); Aug. 2 (for C$261,050)
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Stock symbol: | TSX Venture: PMB
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Stock price: | C$0.335 at close July 20
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Stock price: | C$0.31 at close Aug. 2
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