Key points
- The placement comprised 972,737 units at 30 cents per unit for gross proceeds of $291,821.
- Each unit included one common share plus one-half of a non-transferable share purchase warrant.
- Each whole warrant is exercisable at 45 cents per share for up to two years from the issuance date.
- All securities are subject to a hold period until May 25, 2018, with proceeds earmarked for general working capital.
Chatham Rock Phosphate Ltd. has closed a non-brokered private placement of 972,737 units at a price of 30 cents per unit for gross proceeds of $291,821. Each unit consists of one common share in the capital of the company and one-half of one non-transferable share purchase warrant.
Each whole warrant entitles the holder thereof to acquire one common share at a price of 45 cents 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 60 cents 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.
All securities issued pursuant to the private placement are subject to a hold period and may not be traded until May 25, 2018.
The proceeds of this placement will be used for general working capital purposes.
