Offer finances exploration and development activities, working capital
By Devika Patel
Knoxville, Tenn., Dec. 21 - Great Pacific International Inc. announced it completed the initial tranche of a private placement of units. The deal priced for C$1.28 million on Dec. 1, and the company raised C$909,300 in the first tranche.
The company is selling 15 million units of one common share and one warrant at C$0.085 per unit. It sold 10,697,647 units in the first tranche.
Each whole warrant is exercisable at C$0.20 until Dec. 21, 2012. The strike price reflects a 100% premium to the Nov. 30 closing share price of C$0.10.
All Group Financial Services, Union Securities Ltd., Macquarie Private Wealth Inc. and Meadowbank Asset Management Inc. were the agents.
The company expects to close the second and final tranche for C$365,700 on Dec. 31.
Proceeds will be used for exploration and development and for working capital.
Great Pacific is an oil and gas company based in Vancouver, B.C.
| Issuer: | Great Pacific International Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,275,000
|
| Units: | 15 million
|
| Price: | C$0.085
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Dec. 21, 2012
|
| Warrant strike price: | C$0.20
|
| Agent: | All Group Financial Services, Union Securities Ltd., Macquarie Private Wealth Inc. and Meadowbank Asset Management Inc.
|
| Pricing date: | Dec. 1
|
| Settlement dates: | Dec. 21 (for C$909,300), Dec. 31 (for C$365,700)
|
| Stock symbol: | TSX Ventures: GPI
|
| Stock price: | C$0.09 at close Dec. 1
|
| Market capitalization: | C$3.73 million
|
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