By Sheri Kasprzak
New York, March 9 - Verona Development Corp. said it intends to raise C$9 million in a non-brokered private placement.
The deal includes 10 million units of one share and one warrant. Each warrant is exercisable at C$1.20 for two years.
Proceeds will be used for property expenses, additional property investigations and working capital.
Vancouver, B.C.-based Verona is a coal-bed methane exploration company.
| Issuer: | Verona Development Corp.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$9 million
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| Units: | 10 million
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| Price: | C$0.90
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.20
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| Placement agent: | Non-brokered
|
| Pricing date: | March 9
|
| Stock symbol: | TSX Venture: VDC
|
| Stock price: | C$1.24 at close March 9
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