Receipts sold at C$0.35 each; securities convert to shares, warrants
By Devika Patel
Knoxville, Tenn., March 11 – Otterburn Resources Corp. said it has raised C$6,067,137 thus far in its non-brokered private placement of subscription receipts. The deal raised C$1.48 million on Oct. 28 and was increased to C$6.8 million on March 8.
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. It sold 17,334,674 receipts in the first five tranches, with 42,855 receipts sold in the fourth tranche and 13,063,449 receipts sold in the fifth tranche.
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.
|
| Issue: | Subscription receipts convertible into units of one common share and one warrant
|
| Amount: | C$6.8 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Upsized: | March 8
|
| Settlement dates: | Oct. 28 (for C$1,479,930), March 11 (for C$4,587,207)
|
| Stock symbol: | TSX Venture: OBN
|
| Stock price: | C$0.20 at close Oct. 27
|
| Market capitalization: | C$2.68 million
|
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