Deal upsized by more than 1 million shares; closing set for this month
By Susanna Moon
Chicago, Feb. 16 – Brazil Resources Inc. said it now plans to issue up to C$2.5 million of shares in a non-brokered private placement. The deal was upsized from the C$2 million announced on Feb. 11.
The company now plans to sell 5,555,556 common shares at C$0.45 per share, according to a company press release, up from 4,444,444 common shares at that price.
The price per share is a 10% discount to the 15-day volume-weighted average price of the company’s shares, according to a previous release.
The price is also a 16.7% discount to the company’s C$0.54 closing share price on Feb. 10.
The company previously said it expects that significant shareholders and other insiders will comprise the majority of the subscribers.
Closing was expected to occur this month.
Proceeds will be used to advance the company’s corporate strategy, including expenses associated with the exploration of its existing projects and the acquisition of additional projects, and for working capital and general corporate purposes.
Brazil Resources is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Brazil Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$2.5 million, upsized from C$2 million
|
| Shares: | 5,555,556, increased from 4,444,444
|
| Price: | C$0.45
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 11
|
| Stock symbol: | TSX Venture: BRI
|
| Stock price: | C$0.54 at close Feb. 10
|
| Market capitalization: | C$45.45 million
|
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