By Laura Lutz
Des Moines, Nov. 3 - AusQuest Ltd. arranged a private placement of shares for A$3 million.
Chris Ellis, a member of the AusQuest board, will subscribe for 5 million shares at A$0.20 each, a 17.6% premium to the stock's closing price on Nov. 2.
Institutional and sophisticated investor clients of Hartleys Ltd. will buy an additional 10 million shares at the same price, each with an attaching option exercisable at A$0.20 through Nov. 30, 2009.
The 10 million share placement will be made in two tranches. In the first, 5.5 million of the shares will be sold under AusQuest's capacity to place up to 15% of its share capital. Settlement of that tranche is expected on Nov. 16.
The remaining 4.5 million shares will be sold following shareholder approval at an early December general meeting.
Proceeds will be used for drilling at the company's nickel projects.
AusQuest is a mineral exploration company based in Ardross, Australia.
| Issuer: | AusQuest Ltd.
|
| Issue: | Shares and shares with options
|
| Amount: | A$3 million
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| Agent: | Hartleys Ltd.
|
| Pricing date: | Nov. 3
|
| Stock symbol: | Australia: AQDO
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| Stock price: | A$0.17 at close Nov. 2
|
|
|
| Shares
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| Shares: | 5 million
|
| Price: | A$0.20
|
| Warrants: | No
|
| Investor: | Chris Ellis
|
|
|
| Shares with options
|
| Shares: | 10 million
|
| Price: | A$0.20
|
| Options: | 10 million
|
| Option expiration: | Nov. 30, 2009
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| Option strike price: | A$0.20
|
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