By Devika Patel
Knoxville, Tenn., Dec. 20 - West Mountain Capital Corp. announced that its subsidiary, Phase Separation Solutions Inc., raised C$2.17 million in a private placement of stock.
It also said that all outstanding Phase Separation common shares are being exchanged for West Mountain shares on a one for one basis at C$0.30 per West Mountain share.
Phase Separation sold 7,224,667 shares at C$0.30 per share.
Acumen Capital Finance Partners Ltd. was the agent. Acumen was granted compensation options to acquire 577,974 West Mountain shares, exercisable at $0.30 per share for 18 months.
Proceeds will be used to fund capital and operational upgrades at Phase Separation's treatment facility in Wolseley, to repay debt to third-party lenders and to fund business development and general working capital requirements over the next 18 months.
The company settled the private placement immediately before West Mountain acquired all of its shares.
Calgary, Alta.-based West Mountain is a capital pool company. Phase Separation Solutions is a waste management company based in Vancouver, B.C.
| Issuer: | Phase Separation Solutions Inc.
|
| Issue: | Shares
|
| Amount: | C$2,167,400
|
| Shares: | 7,224,667
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Acumen Capital Finance Partners Ltd.
|
| Fees: | Options to acquire 577,974 West Mountain shares
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: WMT.P
|
| Stock price: | C$0.33 at close Dec. 19
|
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