Key points
- Each special warrant is exercisable for no additional consideration into one unit consisting of one share and one half warrant.
- Each whole warrant entitles the holder to purchase one additional share for one year at $11.00, subject to adjustment in certain events.
- The company will qualify the units by filing a prospectus in the Canadian jurisdictions where the special warrants were sold.
- If the prospectus is not cleared within 120 days of closing, investors will receive 1.1 units, consisting of 1.1 shares and 0.55 warrants, for each special warrant exercised.
The company has reached an agreement with Yorkton Securities for the private placement of up to 2,000,000 special warrants at $8.50 per special warrant for total gross proceeds of up to $17,000,000. Each special warrant is exercisable for no additional consideration into one unit, to consist of one share and one half warrant. Each whole warrant will entitle the holder to purchase one additional share for one year at $11.00, subject to price adjustment in certain events.
Under the terms of the private placement, the company will qualify the units to be issued upon the exercise of the special warrants by a prospectus to be filed in those Canadian jurisdictions in which the special warrants are sold. If, within 120 days after the closing of the private placement the prospectus is not cleared, investors will be entitled to receive 1.1 units, consisting of 1.1 shares and 0.55 warrants (in lieu of one unit) for each special warrant exercised.
A commission will be paid to the agent in respect of the financing.
