By Sheri Kasprzak
New York, June 15 - Vital Resources Corp. decreased the size of its previously announced private placement to C$2 million from C$3 million.
The offering now includes up to 5 million units at C$0.40 each.
The units are comprised of one share and one warrant with each warrant exercisable at C$0.60 for 18 months.
Canaccord Capital Corp. is the placement agent.
The offering priced on May 30 as a C$3 million deal of 6 million units at C$0.50 apiece. The original strike price of the warrants was C$0.70.
Proceeds will be used for exploration on the company's gold property and for international oil and gas opportunities. The rest will be used for working capital.
Calgary, Alta.-based Vital is an oil, natural gas and gold exploration company.
| Issuer: | Vital Resources Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Units: | 5 million
|
| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.60
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| Placement agent: | Canaccord Capital Corp.
|
| Pricing date: | May 30
|
| Amended: | June 15
|
| Stock symbol: | CNQ: VITL
|
| Stock price: | C$0.435 at close May 30
|
| Stock price: | C$0.48 at close June 15
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