Proceeds fund optioning, exploration of Lucky Strike mineral property
By Devika Patel
Knoxville, Tenn., Jan. 25 - AccelRate Power Systems Inc. said it arranged a non-brokered private placement of stock. The deal priced for C$6 million on Tuesday.
The company will sell 20 million common shares at C$0.30 apiece, a 25% discount to the Jan. 24 closing share price of C$0.40.
Proceeds will be used for the optioning and exploration of the Lucky Strike mineral property in the Yukon, additional property acquisitions and general working capital.
Upon changing its business, Vancouver, B.C.-based AccelRate intends to become a pure-play gold explorer focused on the Yukon and will change its name to Goldstrike Resources Ltd.
| Issuer: | AccelRate Power Systems Inc.
|
| Issue: | Common shares
|
| Amount: | C$6 million
|
| Shares: | 20 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Pricing date: | Jan. 25
|
| Stock symbol: | TSX Venture: AXP
|
| Stock price: | C$0.40 at close Jan. 25
|
| Market capitalization: | C$4.91 million
|
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