Non-brokered offering repays C$600,000 of debt, funds working capital
By Devika Patel
Knoxville, Tenn., July 28 – James Bay Resources Ltd. said it raised C$3.81 million in the third and final tranche of a C$6.21 million non-brokered private placement of units. The deal priced for C$7 million on Dec. 23, raised C$1.93 million on Jan. 31 and $470,000 on June 10.
The company sold 6,211,094 units of one common share and one warrant at C$1.00 per unit. It sold 1,930,424 units in the first tranche, 470,000 units in the second tranche and 3,810,670 units in the third tranche.
Each three-year warrant is exercisable at C$1.25. The strike price reflects a 140.39% premium to the Dec. 22 closing share price of C$0.52.
Proceeds will be used for working capital, to repay C$600,000 of debt and further the planned oil and gas business in Nigeria.
The resource company is based in Toronto.
| Issuer: | James Bay Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6,211,094
|
| Units: | 6,211,094
|
| Price: | C$1.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 23
|
| Settlement date: | Jan. 31 (for C$1,930,424), June 10 (for $470,000), July 28 (for $3,810,670)
|
| Stock symbol: | TSX Venture: JBR
|
| Stock price: | C$0.52 at close Dec. 22
|
| Market capitalization: | C$15.58 million
|
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