Chris Castle
CHATHAM ROCK PHOSPHATE LIMITED
CLOSES $442,293 PRIVATE PLACEMENT
Further to Chatham Rock Phosphate Ltd.’s news release dated June 13, 2017, the company has closed a non-brokered private placement of 884,587 units at a price of 50 cents per unit for gross proceeds of $442,293.50. 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 $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.
A finders’ fee of 6,827 units was payable to an arm’s-length party in connection with this placement. All securities issued pursuant to the private placement are subject to a hold period and may not be traded until Oct. 28, 2017.
The proceeds of this placement will be used for general working capital purposes.
