Deal sells two types of units, with proceeds to finance exploration
By Toni Weeks
San Diego, Jan. 18 - Gensource Capital Corp. said it plans to conduct a C$2.5 million non-brokered private placement of units.
The company will sell units of one common share and a half-share warrant at C$0.08 per unit, with each whole warrant exercisable at C$0.12 for 18 months.
The company will also sell flow-though units of one flow-through common share and one half-share warrant at C$0.10 per unit, with each whole warrant exercisable at C$0.14 for 18 months.
The strike prices are 100% and 133.33% premiums, respectively, to the closing share price of C$0.06 on Jan. 17.
Proceeds will be used for exploration and general working capital.
The company is a merchant bank focused on developing resource opportunities and is based in Saskatoon, Sask.
| Issuer: | Gensource Capital Corp.
|
| Issue: | Units of one common share and a half-share warrant, flow-through units of one flow-through common share and a half-share warrant
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| Amount: | C$2.5 million
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Agent: | Non-brokered
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| Pricing date: | Jan. 18
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| Stock symbol: | TSX Venture: GSP
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| Stock price: | C$0.06 at close Jan. 17
|
| Market capitalization: | C$6.86 million
|
|
|
| Units
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| Price: | C$0.08
|
| Warrant strike price: | C$0.12
|
|
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| Flow-through units
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| Price: | C$0.10
|
| Warrant strike price: | C$0.14
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