By Laura Lutz
Des Moines, March 22 - Vena Resources Inc. arranged a private placement of units for up to C$14 million.
The company plans to sell up to 10 million units of one share and one warrant at C$1.40 per unit. Each whole warrant will be exercisable at C$2.00 for two years.
Expiry of the warrants may be accelerated to 20 days if the closing price of the company's shares exceeds C$3.00 for 20 consecutive trading days.
Loewen, Ondaatje, MacCutcheon Ltd. and Olympus Securities LLC will act as agents for C$10 million of the offering. The remainder will be non-brokered.
Settlement is expected on March 27.
Proceeds will be used for the company's Azulcocha zinc and lead project and for working capital.
Vena is a mining company based in Toronto.
| Issuer: | Vena Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$14 million
|
| Units: | 10 million
|
| Price: | C$1.40
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agents: | Loewen, Ondaatje, MacCutcheon Ltd. and Olympus Securities LLC (for C$10 million); non-brokered (for remainder)
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Stock symbol: | TSX Venture: VEM
|
| Stock price: | C$1.57 at close March 22
|
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