By Laura Lutz
Des Moines, April 18 - Great Pacific International Inc. plans to conduct a private placement of flow-through and non flow-through units for up to C$25 million.
No more than C$20 million will be raised from flow-through units.
Each flow-through unit, consisting of one flow-through share and one half-share warrant, will be priced at C$1.05. Each non flow-through unit, consisting of one non flow-through share and one half-share warrant, will be priced at C$0.95.
Each warrant will be exercisable for two years, at C$1.25 in the first year and at C$1.45 in the second year.
Expiry of the warrants may be accelerated to if the company's shares trade at or above C$2.00 for 20 consecutive trading days.
Pope & Co. Ltd., the agent, has a greenshoe for up to 20%.
Proceeds will be used for exploration and development, working capital and possible future acquisitions.
Great Pacific is an oil and gas company based in Vancouver, B.C.
| Issuer: | Great Pacific International Inc.
|
| Issue: | Units of one flow-through share and one half-share non flow-through warrant; units of one non flow-through share and one half-share non flow-through warrant
|
| Amount: | C$25 million
|
| Greenshoe: | 20%
|
| Agent: | Pope & Co. Ltd.
|
| Pricing date: | April 18
|
| Stock symbol: | TSX Venture: GPI
|
| Stock price: | C$1.14 at close April 18
|
|
|
| Flow-through units
|
| Amount: | C$20 million (maximum)
|
| Price: | C$1.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25 in the first year; C$2.00 in the second year
|
|
|
| Non flow-through units
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| Price: | C$0.95
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25 in the first year; C$2.00 in the second year
|
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