Offering's proceeds earmarked for exploration and working capital
By Devika Patel
Knoxville, Tenn., Jan. 30 - Driven Capital Corp. said it revised the terms of a non-brokered private placement of units once again to raise C$1.2 million. The deal priced for C$2.1 million on Nov. 14 and was decreased to C$900,000 on Dec. 9.
The company will now sell 11.97 million units of one common share and one warrant at C$0.10 per unit.
It previously planned to sell 6 million units of one common share and one warrant at C$0.15 per unit and 6 million flow-through units of one flow-through common share and one half-share warrant at C$0.20 per unit. The placement was adjusted to 9 million units at C$0.10 per unit on Dec. 9 and then finally adjusted to its current size.
The two-year warrants will be exercisable at C$0.15 in the first year and at C$0.20 in the second year. The strike prices are a 6.25% discount and 25% premium to the Nov. 10 closing share price of C$0.16.
Settlement is expected Jan. 31.
Proceeds will be used for exploration and general working capital purposes.
Based in Vancouver, B.C., Driven is a silver and gold explorer.
| Issuer: | Driven Capital Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,197,000
|
| Units: | 11.97 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 14
|
| Revised: | Dec. 9, Jan. 30
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: DVV
|
| Stock price: | C$0.16 at close Nov. 10
|
| Market capitalization: | C$1.71 million
|
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