Key points
- Chatham Rock Phosphate arranged a non-brokered private placement of up to 900,000 units at 50 cents per unit for gross proceeds of up to $450,000.
- Each unit consists of one common share and one-half of one warrant, with each whole warrant exercisable at $1 per share for up to two years from issuance.
- The company may accelerate warrant expiry if its shares close above $1.20 on the TSX Venture Exchange for 20 consecutive trading days after four months and one day from closing.
- Proceeds will fund general working capital, and the placement is subject to TSX Venture Exchange acceptance.
Chatham Rock Phosphate Ltd. has arranged a non-brokered private placement of up to 900,000 units at a price of 50 cents per unit for gross proceeds of up to $450,000. Each unit will consist of one common share in the capital of the company and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one common share at a price of $1 per share at any time prior to the date that is two years from the date of issuance. In the event that the common shares of the company trade on the TSX Venture Exchange at a closing price of greater than $1.20 per common share for a period of 20 consecutive trading days at any time after four months and one day after the closing date of the private placement, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release and in such case the warrants will expire on the 30th day after the date of dissemination of the news release. The proceeds of this placement will be used for general working capital purposes. There will be finders’ fees payable in cash to arm’s-length parties in connection with this placement as permitted under the policies of the TSX Venture Exchange. The private placement is subject to the acceptance by the TSX Venture Exchange.
