By Devika Patel
Knoxville, Tenn., April 11 - Atlas Minerals Inc. said that due to current market conditions, it is amending the terms of a private placement of units to raise only C$1 million. The deal, which priced Feb. 27 for C$3 million, was revised on Feb. 29 to include a C$1 million greenshoe.
Atlas now intends to sell 4 million units of one common share and one half-share warrant at C$0.25 apiece. Each whole warrant will be exercisable at C$0.35 for two years.
Canaccord Capital Corp. will be the agent and will have a C$500,000 greenshoe. The company will pay Canaccord C$15,000 and 8% of the proceeds upon closing. Canaccord will also receive a number of agent's warrants equal to 8% of the units sold. Each agent's warrant will be exercisable for one common share at $0.30 for two years.
The company had planned to sell 4,285,714 units of one common share and one half-share warrant at C$0.70 apiece. Each whole warrant was to have been exercisable at C$1.00 until October 2009.
Proceeds will be used for exploration and general working capital.
Vancouver, B.C.-based Atlas is a capital pool company.
| Issuer: | Atlas Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Greenshoe: | C$500,000
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Canaccord Capital Corp.
|
| Fees: | C$15,000, 8% in cash and warrants
|
| Pricing date: | Feb. 27
|
| Upsized: | Feb. 29
|
| Amended: | April 11
|
| Stock symbol: | TSX Venture: AMR
|
| Stock price: | C$0.81 at close Feb. 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
