By Devika Patel
Knoxville, Tenn., July 23 - Talon International, Inc. and Fifth Avenue Diversified Inc. said they plan to combine and form a new publicly traded company. The companies also said that they will raise C$5 million in a private placement of the new company's units.
The 10 million units will be sold at C$0.50 apiece. Each unit consists of one common share and a half-share warrant, with each whole warrant exercisable at C$0.75 for one year.
Proceeds will be used for exploration and to finance the merger.
Based in Calgary, Alta., Talon is an oil exploration company. Fifth Avenue is a private oil and gas company based in Vancouver, B.C.
| Issuer: | Talon International, Inc. and Fifth Avenue Diversified Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million
|
| Units: | 10 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Pricing date: | July 23
|
| Stock symbol: | TSX Venture: TAR
|
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