By Devika Patel
Knoxville, Tenn., April 19 - Exploration Orbite V.S.P.A. Inc. said it has arranged a C$1.69 million private placement of units.
The company plans to sell units of 40,000 class A shares and 40,000 warrants at C$5,200 per unit. Each share is priced at C$0.13.
Each warrant will be exercisable at C$0.21 for one year.
Of the proceeds, C$1.5 million will be invested in the Cap-Chat Pilot Plant facility, while the remainder will be used for the corporation's operational cash flow.
Exploration Orbite is a Montreal-based mineral exploration company.
| Issuer: | Exploration Orbite V.S.P.A. Inc.
|
| Issue: | Units of 40,000 class A shares and 40,000 warrants
|
| Amount: | C$1.69 million
|
| Price: | C$5,200
|
| Warrants: | 40,000 warrants per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.21
|
| Pricing date: | April 19
|
| Stock symbol: | TSX Venture: ORT.A
|
| Stock price: | C$0.145 at close April 16
|
| Market capitalization: | C$9.09 million
|
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