Offering sells 2 million units of shares, warrants at $0.30 per unit
By Devika Patel
Knoxville, Tenn., Feb. 18 - Dane Exploration Inc. negotiated a $600,000 private placement of units on Feb. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 2 million units of one common share and one warrant at $0.30 per unit. Of the units, 1 million will be sold to U.S. investors and the remainder will be sold to foreign investors.
Each warrant is exercisable at $0.30 for one year. The strike price is a 50% premium to $0.20, the Feb. 14 closing share price.
Proceeds will be used for development of the company's food-service cloud platform and for general working capital purposes.
The Bellingham, Wash., company explores for gold and silver.
| Issuer: | Dane Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $600,000
|
| Units: | 2 million
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.30
|
| Pricing date: | Feb. 18
|
| Stock symbol: | OTCBB: DANE
|
| Stock price: | $0.20 at close Feb. 14
|
| Market capitalization: | $10.72 million
|
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