By Sheri Kasprzak
New York, Aug. 24 - Worldbid Corp. arranged a private placement for $22.5 million and settled a separate offering for $2,610,150.
The company plans to sell up to 15 million units at $1.50 each.
The units consist of one share and one half-share warrant with each whole warrant exercisable at $1.75 for one year.
The proceeds will be used to fund the operations of Royalite, including drilling and land lease costs.
Separately, the company closed a $2,610,150 private placement, selling 3,480,200 units at $0.75 each.
The units consist of one share and one half-share warrant. Each of the whole warrants is exercisable at $0.85 for one year.
The company also announced Thursday that it will merge with Royalite Petroleum Corp. Under the merger terms, shareholders of Royalite will receive one share of Worldbid for every Royalite share.
Following the merger, Worldbid will change its name to Royalite Petroleum Co. Inc.
Based in Blaine, Wash., Worldbid operates an online auction site.
First issue
| Issuer: | Worldbid Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $22.5 million
|
| Units: | 15 million
|
| Price: | $1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $1.75
|
| Pricing date: | Aug. 24
|
| Stock symbol: | OTCBB: WBDC
|
| Stock price: | $3.10 at close Aug. 24
|
|
|
| Second issue
|
| Issuer: | Worldbid Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $2,610,150
|
| Units: | 3,480,200
|
| Price: | $0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.85
|
| Settlement date: | Aug. 24
|
| Stock symbol: | OTCBB: WBDC
|
| Stock price: | $3.10 at close Aug. 24
|
|
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