By Sheri Kasprzak
Atlanta, Nov. 2 - Energem Resources Inc. said Tuesday it has raised $6 million in the second closing of its previously announced $16 million private placement.
The company sold the remaining 4,298,000 units of the deal at C$1.80 per unit of one share and one purchase warrant.
The warrants are exercisable for one share at C$2.20 for 30 months.
All told, Energem issued 11,461,333 units for the $16 million.
Regent Mercantile Bancorp Inc. and ODL Securities Ltd. acted as placement agents in the deal.
Energem is a Vancouver, B.C.-based natural resources company. It plans to use the proceeds from the private placement for the development of its mining and energy projects and for working capital.
| Issuer: | Energem Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $6 million
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| Shares: | 4,298,000 units
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| Price: | C$1.80
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| Warrants: | One warrant per unit
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| Warrant expiration: | 30 months
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| Warrant strike price: | C$2.20
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| Placement agent: | Regent Mercantile Bancorp Inc. and ODL Securities Ltd.
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| Announcement date: | Oct. 12
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| Stock price: | $1.89 at close Oct. 12
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