Company plans to use the deal’s proceeds for working capital purposes
By Devika Patel
Knoxville, Tenn., Oct. 10 – Challenger Deep Resources Corp. said it completed a C$1.1 million oversubscribed non-brokered private placement of units. The deal priced for C$1 million on Aug. 27.
The company sold 16,923,077 units of one common share and one warrant at C$0.065 per unit.
Each warrant is exercisable at C$0.10 for three years. The strike price is a 42.86% premium to the Aug. 26 closing share price of C$0.07.
President and chief executive officer Ranjeet Sundher bought 3,846,154 units for C$250,000.
Proceeds will be used for working capital purposes and the company’s strategic review process.
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 a warrant
|
| Amount: | C$1.1 million
|
| Units: | 16,923,077
|
| Price: | C$0.065
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Investors: | Ranjeet Sundher (for C$250,000)
|
| Pricing date: | Aug. 27
|
| Settlement date: | Oct. 10
|
| Stock symbol: | TSX Venture: CDE
|
| Stock price: | C$0.07 at close Aug. 26
|
| Market capitalization: | C$2.75 million
|
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