By Laura Lutz
Des Moines, July 26 - Great Pacific International Inc. announced that Pope & Co. Ltd. will act as agent for only C$15 million of its C$25 million private placement of units.
Previously, Pope had agreed to act as agent for the whole deal.
The other C$10 million of the deal will be non-brokered.
The placement will consist of both flow-through and non flow-through units.
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.
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
|
Agent: | Pope & Co. Ltd. (for C$15 million)
|
Pricing date: | April 18
|
Stock symbol: | TSX Venture: GPI
|
Stock price: | C$1.14 at close April 18
|
Stock price: | C$0.97 at close July 25
|
|
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
|
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.