Brokered deal through MGI Securities raises cash for working capital
By Devika Patel
Knoxville, Tenn., Nov. 1 - Exploration Orbite V.S.P.A. Inc. said it has increased a private placement of units. The deal, which will be conducted via agent MGI Securities Inc., priced on Oct. 28.
The company will now sell 27 million units at C$0.45 apiece for C$12.15 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 purposes.
Exploration Orbite is a Montreal-based mineral exploration company.
Issuer: | Exploration Orbite V.S.P.A. Inc.
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Issue: | Units of one class A share and one half-share warrant
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Amount: | C$12.15 million
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Units: | 27 million
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Price: | C$0.45
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75 in the first year, C$0.85 thereafter
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Agent: | MGI Securities Inc.
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Pricing date: | Oct. 28
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Upsized: | Nov. 1
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Stock symbol: | TSX Venture: ORT.A
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Stock price: | C$0.48 at close Oct. 27
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Market capitalization: | C$41.51 million
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