By Devika Patel
Knoxville, Tenn., Nov. 17 - Vena Resources Inc. said it completed a C$2.27 million private placement of units with Bryon Securities Ltd. The deal settled Nov. 13.
The company sold 7,564,668 units at C$0.30 apiece. The units consist of one share and one half-share warrant. Each whole warrant will be exercisable at C$0.45 for 18 months.
Proceeds will be used for drilling as well as M&A opportunities and general working capital.
The company also reported that a "gypsy swap" closed concurrently with the private placement. In the swap, an existing, non-insider shareholder sold 2 million common shares to Canaccord Capital Corp. and then bought the same number of shares in the private placement.
Vena is a mining company based in Toronto.
Issuer: | Vena Resources Inc.
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Issue: | Units of one share and a half-share warrant
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Amount: | C$2,269,400
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Units: | 7,564,668
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Price: | C$0.30
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.45
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Agent: | Bryon Securities Ltd.
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Settlement date: | Nov. 13
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Stock symbol: | Toronto: VEM
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Stock price: | C$0.35 at close Nov. 13
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Market capitalization: | C$26.5 million
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