Receipts sold at C$0.35 each; securities convert to shares, warrants
By Devika Patel
Knoxville, Tenn., March 8 – Otterburn Resources Corp. said it increased its non-brokered private placement of subscription receipts to C$6.8 million. The deal raised C$1.48 million on Oct. 28.
The company is selling the receipts at C$0.35 apiece. Each subscription receipt will convert into a unit of one common share and one warrant.
Each whole warrant is exercisable at C$0.50 for 18 months. The strike price is a 150% premium to the Oct. 27 closing share price of C$0.20. The price per subscription receipt is a 75% premium to that price.
The metals explorer is based in Vancouver, B.C.
Issuer: | Otterburn Resources Corp.
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Issue: | Subscription receipts convertible into units of one common share and one warrant
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Amount: | C$6.8 million
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Price: | C$0.35
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Warrants: | One warrant per unit upon conversion
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.50
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Agent: | Non-brokered
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Upsized: | March 8
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Settlement date: | Oct. 28 (for C$1,479,930)
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Stock symbol: | TSX Venture: OBN
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Stock price: | C$0.20 at close Oct. 27
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Market capitalization: | C$2.61 million
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