By Laura Lutz
Des Moines, March 13 - Extract Resources Ltd. arranged a private placement of shares with options for up to A$15 million.
The company plans to sell up to 18.75 million ordinary shares to North American and European institutional investors at A$0.80 per share. For every two shares issued, investors will also receive an option exercisable at A$1.00 for two years.
A syndicate led by Haywood Securities Inc. and including Paradigm Capital Inc. will act as agents.
The company is seeking shareholder approval for a 1 for 10 share consolidation at a general meeting on March 14. The placement would be conducted following that consolidation.
Proceeds will be used for drilling and evaluation on the company's Namibian uranium interests and for general corporate purposes.
Extract is a Sydney, Australia-based resource exploration company.
Issuer: | Extract Resources Ltd.
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Issue: | Shares with options
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Amount: | A$15 million
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Shares: | 18.75 million
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Price: | A$0.80
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Options: | One for every two shares
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Option expiration: | Two years
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Option strike price: | A$1.00
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Agents: | Haywood Securities Inc. (lead), Paradigm Capital Inc.
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Pricing date: | March 13
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Stock symbol: | Australia: EXT
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Stock price: | A$0.97 at close March 13
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