Deal with Pinetree will consist of 20 million units at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., Jan. 14 - Augusta Industries Inc. said it plans a C$1 million private placement of units with Pinetree Capital Ltd. on Dec. 17. As for consideration for the units, Pinetree has agreed to issue 1,111,111 of its common shares at a deemed price of C$0.90 per share.
The company will sell 20 million units of one common share and one third-share warrant at C$0.05 per unit.
Each whole warrant will be exercisable at C$0.10 for two years. The strike price is a 150% premium to the Dec. 14 closing share price of C$0.04.
Settlement is expected on Jan. 31.
The Oakville, Ont., company makes systems using fiber optic sensors, related monitoring instruments, and software.
| Issuer: | Augusta Industries Inc.
|
| Issue: | Units of one common share and one third-share warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Investor: | Pinetree Capital Ltd.
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.04 at close Dec. 14
|
| Market capitalization: | C$6.6 million
|
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