Deal funds development of Barito coal project and working capital
By Devika Patel
Knoxville, Tenn., April 25 - Challenger Deep Resources Corp. said it completed a C$1.4 million private placement of units. The deal priced for C$1.5 million on March 15.
The company sold 9,316,667 units of one common share and one warrant at C$0.15 per unit.
The five-year warrants are exercisable at C$0.25. The strike price is a 25% premium to the March 14 closing share price of C$0.20.
President and chief executive officer Randjeet Sundher invested C$100,000.
Proceeds will be used for development of the Barito coal project in Central Kalimantan, Indonesia, and for working capital purposes.
The Calgary, Alta., company acquires, explores and develops gold, copper, silver and other mineral properties.
| Issuer: | Challenger Deep Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,397,500
|
| Units: | 9,316,667
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.25
|
| Investor: | Randjeet Sundher (for C$100,000)
|
| Pricing date: | March 15
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: CDE
|
| Stock price: | C$0.20 at close March 14
|
| Market capitalization: | C$5.41 million
|
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