By Sheri Kasprzak
Atlanta, June 23 - Butler Developments Corp. said it plans to raise up to C$1.2 million in a private placement.
The offering includes up to 8 million units at C$0.15 each.
The units are comprised of one share and one warrant. The warrants provide for an additional share at C$0.20 each for the first year and C$0.30 each for the second year.
Canaccord Capital Corp. is the placement agent.
Based in Vancouver, B.C., Butler Developments is a holding company for Butler Energy Corp., an oil and natural gas exploration company. The proceeds will be used to fund requirements connected to the company's proposed acquisition of gold projects held by Caledon Resources plc. The remainder will be used for working capital.
Issuer: | Butler Developments Corp.
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Issue: | Units of one share and one warrant
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Amount: | C$1.2 million (maximum)
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Units: | 8 million (maximum)
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Price: | C$0.15
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20 for first year; C$0.30 for second year
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Placement agent: | Canaccord Capital Corp.
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Pricing date: | June 22
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Stock price: | C$0.17 at close June 22
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