Company also plans secondary sale of 12,008,002 shares with warrants
By Devika Patel
Knoxville, Tenn., July 18 – Endurance Explorations Group Inc. priced a public offering of units to raise between $1.25 million and $3.75 million, according to a Form S-1 filed Monday with the Securities and Exchange Commission. Selling shareholders will offer additional shares and warrants in a secondary sale.
The company will sell between 5 million and 15 million units of one common share and one warrant at $0.25 per unit.
The warrants will be exercisable at $0.35 for two years. The strike price is a 22.22% discount to the July 15 closing share price of $0.45.
The shareholders will sell 12,008,002 shares and 574,000 warrants in a separate sale.
GVC Capital, LLC is the bookrunner for the primary deal.
Proceeds will be for general corporate purposes, including working capital, vessel and equipment rental and charters, recovery and survey activities, capital expenditures, employee and contractor compensation, repaying accounts payables and debt and other corporate purposes.
The Clearwater, Fla., company specializes in subsea shipwreck research, search and survey, inspection, and recovery projects.
| Issuer: | Endurance Explorations Group Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1.25 million (minimum), $3.75 million (maximum)
|
| Units: | 5 million (minimum), 15 million (maximum)
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| Price: | $0.25
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | $0.35
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| Bookrunner: | GVC Capital, LLC
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| Pricing date: | July 18
|
| Stock symbol: | OTCBB: EXPL
|
| Stock price: | $0.45 at close July 15
|
| Market capitalization: | $19.36 million
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