By Devika Patel
Knoxville, Tenn., Nov. 13 - Vantex Resources Ltd. announced it has entered into a financing agreement with Northern Securities Inc. for a C$2.6 million private placement of units.
The company will sell up to 11,612,903 flow-through units at C$0.155 per unit for C$1.8 million. Each unit consists of one flow-through share and one half-share warrant. Each whole warrant is exercisable at C$0.185 for two years.
The company also will sell up to 6,153,846 non flow-through units at C$0.13 per unit for C$800,000. Each unit consists of one common share and one warrant. Each two-year warrant is exercisable at C$0.155.
The securities have a four-month hold period.
Northern Securities will be paid an 8% cash commission and also will receive a number of broker warrants equal to 10% of the number of units and flow-through units sold. Each broker warrant will be exercisable into one unit at C$0.14 per unit for two years.
Vantex is a mining company based in La Prairie, Quebec.
| Issuer: | Vantex Resources Ltd.
|
| Issue: | Flow-through units of one flow-through share and one half-share warrant; non flow-through units of one common share and one warrant
|
| Amount: | C$2.6 million
|
| Agent: | Northern Securities Inc.
|
| Fees: | 8% in cash, 10% in broker warrants
|
| Pricing date: | Nov. 13
|
| Stock symbol: | TSX Venture: VTX
|
| Stock price: | C$0.145 at close Nov. 13
|
|
|
| Flow-through units
|
| Amount: | C$1.8 million
|
| Units: | 11,612,903
|
| Price: | C$0.155
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.185
|
|
|
| Non flow-through units
|
| Amount: | C$800,000
|
| Units: | 6,153,846
|
| Price: | C$0.13
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.155
|
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