By Devika Patel
Knoxville, Tenn., June 16 - Exploration Orbite V.S.P.A. Inc. said it has increased a private placement of units to C$1.75 million. The deal priced for C$1.51 million on May 22.
The company now plans to sell 500 units of 25,000 class A shares and 25,000 warrants at C$3,500.00 per unit. Each share is priced at C$0.14.
It originally intended to sell 430 units.
Each warrant will be exercisable at C$0.20 for one year.
Proceeds will be used for working capital.
Exploration Orbite is a Montreal-based mineral exploration company.
| Issuer: | Exploration Orbite V.S.P.A. Inc.
|
| Issue: | Units of 25,000 class A shares and 25,000 warrants
|
| Amount: | C$1.75 million
|
| Units: | 500
|
| Price: | C$3,500.00
|
| Warrants: | 25,000 warrants per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Pricing date: | May 22
|
| Upsized: | June 16
|
| Stock symbol: | TSX Venture: ORT.A
|
| Stock price: | C$0.14 at close May 21
|
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