By Laura Lutz
Des Moines, June 1 - Flagship Industries Inc. closed its previously announced C$2 million private placement of units.
The non-brokered placement was conducted following a five-to-one share split.
The company sold 40 million post-split units of one share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.10 for two years.
The Radcliffe Foundation subscribed for 17.1 million units in the placement, and Endeavour Mining Capital Corp. subscribed for 3.9 million units.
Flagship is a financial company based in Markham, Ont.
| Issuer: | Flagship Industries Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Units: | 40 million (post-split)
|
| Price: | C$0.05 (post-split)
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10 (post-split)
|
| Agent: | Non-brokered
|
| Investors: | The Radcliffe Foundation (for 17.1 million units), Endeavour Mining Capital Corp. (for 3.9 million units)
|
| Pricing date: | April 17
|
| Settlement date: | June 1
|
| Stock symbol: | TSX Venture: FII
|
| Stock price: | C$0.335 at close April 17
|
| Stock price: | C$0.067 at close June 1
|
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