Key points
- The tranche consisted of 3,513,329 units at 12.75 cents per unit for gross proceeds of $447,949.44.
- Each unit includes one common share and one-half of a non-transferable warrant exercisable at 45 cents per share for five years.
- All securities issued are subject to a hold period expiring July 27, 2019.
- The TSX Venture Exchange extended the deadline to complete the second tranche to April 19, 2019.
CHATHAM ROCK CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Chatham Rock Phosphate Ltd., further to the company’s news releases dated Jan. 30, 2019, and Feb. 15, 2019, has closed the first tranche of a non-brokered private placement of 3,513,329 units at a price of 12.75 cents per unit for gross proceeds of $447,949.44. 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 five 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 July 27, 2019.
The company plans to complete a second tranche of the private placement and has obtained an extension from the TSX Venture Exchange of the deadline to complete the second tranche to April 19, 2019.
All information previously reported about the private placement, as well as the terms and conditions thereof, remain the same.
About Chatham Rock Phosphate Ltd.
Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of ultralow cadmium, environmentally friendly pastoral phosphate fertilizer.
