Company sells 12,525,000 special warrants, each convertible into units
By Devika Patel
Knoxville, Tenn., March 28 - Ireland, Inc. settled a $2.51 million private placement of special warrants on March 24, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 12,525,000 special warrants at $0.20 per warrant. The warrants are convertible into units of one common share and one warrant on a one-for-one basis.
Each of the unit warrants is exercisable at $0.40 until March 29, 2019. The strike price is a 90.48% premium to the March 21 closing share price of $0.21.
Chief executive officer, president, secretary and director Douglas D.G. Birnie invested $75,000, director Mark H. Brennan invested $25,000, director Steve Klein invested $600,000, chief financial officer, treasurer and director Robert D. McDougal invested $25,000 and Nanominerals Corp. invested $100,000.
Nanominerals Corp. has also agreed to purchase $300,000 of the company's units of one common share and one warrant at a purchase price equal to the greater of $0.20 and the average closing price of the stock over the 10 trading days preceding settlement, which is expected on Aug. 15. The warrants will be exercisable at 200% of the per-unit purchase price until March 29, 2019.
Based in Henderson, Nev., Ireland is a silver and gold exploration company.
| Issuer: | Ireland, Inc.
|
| Issue: | Special warrants convertible into units of one common share and one warrant
|
| Amount: | $2,505,000
|
| Warrants: | 12,525,000
|
| Price: | $0.20
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | March 29, 2019
|
| Warrant strike price: | $0.40
|
| Investors: | Douglas D.G. Birnie (for $75,000), Mark H. Brennan (for $25,000), Steve Klein (for $600,000), Robert D. McDougal (for $25,000) and Nanominerals Corp. (for $100,000)
|
| Pricing date: | March 24
|
| Stock symbol: | OTCBB: IRLD
|
| Stock price: | $0.21 at close March 21
|
| Market capitalization: | $30.74 million
|
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