Brokered deal through MGI Securities raises cash for working capital
By Devika Patel
Knoxville, Tenn., Oct. 28 - Exploration Orbite V.S.P.A. Inc. said it has arranged a private placement of units through MGI Securities Inc.
The company will sell 23 million units at C$0.45 apiece for C$10.35 million. Each unit will consist of one class A share and one half-share warrant, with each whole two-year warrant exercisable at C$0.75 in the first year and at C$0.85 thereafter.
The strike prices reflect 56.25% and 77.08% premiums to the Oct. 27 closing share price of C$0.48.
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 one class A share and one half-share warrant
|
| Amount: | C$10.35 million
|
| Units: | 23 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75 in the first year, C$0.85 thereafter
|
| Agent: | MGI Securities Inc.
|
| Pricing date: | Oct. 28
|
| Stock symbol: | TSX Venture: ORT.A
|
| Stock price: | C$0.48 at close Oct. 27
|
| Market capitalization: | C$40.93 million
|
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