By Devika Patel
Knoxville, Tenn., Feb. 11 - Strategic Resource Acquisition Corp. said it will take in C$10 million from the sale of unsecured subordinated convertible notes due June 30, 2013 through a short-form prospectus.
The notes will be issued at par of C$1,000 and carry a coupon of 8%, payable semiannually on June 30 and Dec. 31. They will be convertible at any time into common shares at C$3.60 per share.
Closing of the offering is expected to occur on March 4.
The bought-deal financing is being conducted by a syndicate of underwriters led by Blackmont Capital Inc. and including Haywood Securities Inc. and Paradigm Capital Inc.
Proceeds will be used to complete the restart of production at Strategic Resource's Gordonsville mining complex in Tennessee.
Toronto-based Strategic Resource Acquisition explores, develops and mines base material projects.
| Issuer: | Strategic Resource Acquisition Corp.
|
| Issue: | Unsecured subordinated convertible notes
|
| Amount: | C$10 million
|
| Maturity: | June 30, 2013
|
| Coupon: | 8%, payable semiannually
|
| Price: | Par of C$1,000
|
| Yield: | 8%
|
| Conversion price: | C$3.60
|
| Warrants: | No
|
| Underwriters: | Blackmont Capital Inc. (lead), Haywood Securities Inc., Paradigm Capital Inc.
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 4
|
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