By Sheri Kasprzak
New York, Aug. 11 - Brazilian Resources, Inc. raised C$2.5 million from a private placement with two funds managed by Ridgefield Capital Asset Management, LP.
Ridgefield bought 10 million shares at C$0.10 each and C$1.5 million in convertible debentures.
The debentures are convertible into a total of 3.75 million shares. The full details of the debentures could not be obtained by press time Thursday.
Ridgefield also received warrants for 10 million shares, exercisable at C$0.15 each.
Assuming full conversion of the debentures and the exercise of the warrants, Ridgefield will own 29.5% of Brazilian Resources' stock.
J. Giordano Securities Group is the placement agent for the offering.
Based in Concord, N.H., Brazilian Resources is a mineral exploration company.
Issuer: | Brazilian Resources, Inc.
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Issue: | Stock
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Amount: | C$1 million
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Shares: | 10 million
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Price: | C$0.10
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Warrants: | For 10 million shares
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Warrant strike price: | C$0.15
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Investor: | Ridgefield Capital Asset Management, LP
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Placement agent: | J. Giordano Securities Group
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Announcement date: | Aug. 11
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Stock price: | C$0.09 at close Aug. 11
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Issuer: | Brazilian Resources, Inc
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Issue: | Convertible debentures
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Amount: | C$1.5 million
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Conversion ratio: | Into 3.75 million common shares
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Warrants: | See above
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Investor: | Ridgefield Capital Asset Management, LP
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Placement agent: | J. Giordano Securities Group
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Announcement date: | Aug. 11
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Stock price: | C$0.09 at close Aug. 11
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