Deal brokered by Haywood Securities to fund exploration, drill program
By Devika Patel
Knoxville, Tenn., June 22 - VLM Ventures Ltd. said it has arranged a C$1 million private placement of units in connection with its qualifying transaction. Haywood Securities Inc. is the agent.
The company will sell 2.5 million units of one common share and one half-share warrant at C$0.40 apiece.
The whole warrants are exercisable at C$0.50 for two years; the strike price is a 455.56% premium to the June 21 closing share price of C$0.09.
Proceeds will be used for additional exploration and a drill program on the Radar and Star Lake properties in Nevada, as well as for general working capital purposes.
The capital pool company based in Vancouver, B.C.
| Issuer: | VLM Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 2.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | June 22
|
| Stock symbol: | TSX Venture: VVL.P
|
| Stock price: | C$0.12 at close June 22
|
| Market capitalization: | C$511,750
|
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