By Devika Patel
Knoxville, Tenn., Oct. 30 - Maple Leaf Reforestation Inc. announced it will raise C$3 million in a non-brokered private placement of units.
The company will sell 2 million units at C$1.50 each. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$2.00 for two years.
Proceeds will be used to proceed with the company's Xinjiang project, announced on Oct. 16, to expand Maple Leaf's sales and marketing campaign and for general working capital.
Maple Leaf is a Calgary, Alta.-based company focused on growing "value-added tree seedlings" in China to help correct their environmental issues.
| Issuer: | Maple Leaf Reforestation Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 2 million
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$2.00
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 30
|
| Stock symbol: | TSX Venture: MPE
|
| Stock price: | C$1.41 at close Oct. 29
|
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