By Sheri Kasprzak
New York, May 10 - Eclips Inc. has negotiated a private placement for up to C$5 million and at least C$2.5 million.
The deal includes up to 800 and at least 500 A units each comprised of 7,500 flow-through shares at C$0.50 each; 2,500 common shares at C$0.50 each; 2,500 warrants.
The offering also includes up to 200 B units of 10,000 common shares at C$0.50 each and 10,000 warrants.
Each warrant is exercisable at C$0.55 for the first year and C$0.75 for the second year.
Placement agent Blackmont Capital Inc. also has a greenshoe for up to 300 additional A or B units.
The proceeds will be used for Eclips' acquisition of Cadillac West Exploration Inc. Once the acquisition is completed, the company's name will be changed to Cadillac Mining Corp.
The merger will include a consolidation of Eclips' outstanding stock on a 1-for-8 basis.
Based in Orangeville, Ont., Eclips had previously operated as a software developer for the travel industry, but following the acquisition of Cadillac will be a mineral exploration company.
| Issuer: | Eclips Inc.
|
| Issue: | A units of 7,500 flow-through shares; 2,500 common shares; and 2,500 warrants and B units of 10,000 common shares and 10,000 warrants
|
| Amount: | C$5 million (maximum); C$2.5 million (minimum)
|
| A units: | 800 (maximum); 500 (minimum)
|
| B units: | 200 (maximum)
|
| Greenshoe: | For up to 300 A or B units
|
| Price: | C$0.50 per flow-through and non flow-through share
|
| Warrants: | For 2,500 shares per A unit; for 10,000 shares per B unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55 for the first year; C$0.75 for the second year
|
| Placement agent: | Blackmont Capital Inc.
|
| Pricing date: | May 10
|
| Stock symbol: | TSX Venture: WAY
|
| Stock price: | C$0.025 at close Dec. 15, 2005 (last trade)
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
