Deal sells units of a share, a three-year warrant at C$0.015 per unit
By Devika Patel
Knoxville, Tenn., May 20 – Enertopia Corp. raised C$96,200 in the first tranche of a private placement of units on May 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 6,413,333 units of one common share and one warrant at C$0.015 per unit in the first tranche.
Each three-year warrant is exercisable at $0.05 for the first 18 months and at $0.10 after that. The strike prices are 150% and 400% premiums to the May 19 closing share price of $0.02.
Proceeds will be used for general working capital and corporate opportunities.
A $7,040 cash finders’ fee and 469,333 broker warrants were issued to Haywood Securities and Canaccord Genuity.
The Vancouver, B.C., company is in the medicinal marijuana business.
| Issuer: | Enertopia Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$96,200
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| Units: | 6,413,333
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| Price: | C$0.015
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike prices: | $0.05 for the first 18 months and $0.10 after 18 months
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| Settlement dates: | May 20
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| Stock symbol: | OTCBB: ENRT
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| Stock price: | $0.02 at close May 19
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| Market capitalization: | $1.25 million
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