By Devika Patel
Knoxville, Tenn., March 31 - Trade Winds Ventures Inc. said it settled a C$3.3 million private placement of units. The deal priced for C$2 million on March 3 and was increased to C$3 million with a C$300,000 greenshoe on March 8.
The company sold 22 million units of one common share and a half-share warrant at C$0.15 per unit. Of the units, 2 million were part of the fully exercised greenshoe. Each whole warrant is exercisable at C$0.20 for one year.
M Partners Inc. was the agent.
Proceeds will be used for exploration of the Trade Winds' Block A and Gowest gold project in Ontario and for general working capital.
Trade Winds, based in Timmins, Ont., is a gold exploration company.
| Issuer: | Trade Winds Ventures Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.3 million, including C$300,000 exercised greenshoe
|
| Units: | 22 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Agent: | M Partners Inc.
|
| Pricing date: | March 3
|
| Upsized: | March 8
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: TWD
|
| Stock price: | C$0.19 at close March 2
|
| Market capitalization: | C$17.5 million
|
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