Company sells units of one share and one warrant at $0.05 per unit
By Devika Patel
Knoxville, Tenn., Aug. 27 - Enertopia Corp. raised C$8,000 in the second tranche of a private placement of units on Aug. 24, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised C$30,000 on July 27.
The company sold 600,000 units of one common share and one warrant at C$0.05 per unit in the first tranche and 160,000 units in the second tranche.
Each three-year warrant is exercisable at $0.10 in the first year and at $0.20 in the second and third years. The strike prices are 100% and 300% premiums to the July 26 closing share price of $0.05.
Proceeds will be used for general working capital; to make mineral property payments under existing agreements; for exploration of mineral properties; and administrative purposes.
The Vancouver, B.C., company develops clean energy and clean water technologies.
Issuer: | Enertopia Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$38,000
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Units: | 760,000
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | $0.10 in the first year, $0.20 in the second and third years
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Settlement date: | July 27 (for C$30,000), Aug. 24 (for C$8,000)
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Stock symbol: | OTCBB: ENRT
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Stock price: | $0.05 at close July 26
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Market capitalization: | $1.52 million
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