By Laura Lutz
Des Moines, Sept. 29 - Uniterre Resources Ltd. settled a private placement of flow-through units and debenture units for C$1.425 million.
The company sold 2.4 million flow-through units of one share and one half-share purchase warrant for C$0.50 per unit. Each warrant will be exercisable at C$0.55 for two years.
The company also sold $225,000 of debenture units. Each debenture unit consists of one 8% debenture, with a principal amount of $1,000, and 1,000 warrants with the same terms as above.
Interest on the debentures is payable semi-annually, and they have a term of 2.5 years.
Northern Securities Inc. was the underwriter for the deal.
Proceeds will be used to finance development of NaiKun Wind Development Inc., a wind farm developer that Uniterre is acquiring.
Vancouver, B.C.-based Uniterre develops renewable energy sources focused on wind power projects.
| Issuer: | Uniterre Resources Ltd.
|
| Issue: | Flow-through units of one flow-through share and one half-share warrant and debenture units of one debenture and 1,000 warrants
|
| Amount: | C$1.425 million
|
| Underwriter: | Northern Securities Inc.
|
| Settlement date: | Sept. 29
|
| Stock symbol: | TSX Venture: UNT
|
| Stock price: | C$0.36 at close on Sept. 29
|
|
|
| Flow-through units
|
| Units: | 2.4 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
|
|
| Debenture units
|
| Amount: | $225,000
|
| Units: | 225
|
| Price: | C$1,000
|
| Maturity: | 2.5 years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | 1,000 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
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