By Devika Patel
Knoxville, Tenn., Nov. 27 - Empire Minerals Corp. priced a C$4 million private placement of subscription receipts.
The company will sell 4 million subscription receipts at C$1.00 apiece.
Each subscription receipt consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.25 for two years.
The deal has a C$3 million greenshoe. The unnamed agents will receive a 7% commission, payable in cash or securities, and compensation options exercisable for a number of subscription receipts equal to 10% of the number of subscription receipts sold. The company also will pay a C$50,000 corporate finance fee.
Proceeds will be used for exploration and development as well as for working capital and general corporate purposes.
Empire Minerals, based in Fort Lee, N.J., provides retail kiosks, which are internet-connected, advertising-supported, interactive kiosks.
| Issuer: | Empire Minerals Corp.
|
| Issue: | Subscription receipts of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | C$3 million
|
| Receipts: | 4 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per receipt
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Fees: | 7% in cash or securities, 10% in subscription receipts, C$50,000
|
| Pricing date: | Nov. 27
|
| Stock symbol: | Pink Sheets: EMPL
|
| Stock price: | $1.99 at close Nov. 26
|
© 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.
