By Devika Patel
Knoxville, Tenn., Nov. 28 - Maple Leaf Reforestation Inc. said it raised C$2.29 million from a non-brokered private placement of units. The deal priced for C$3 million on Oct. 30.
The company sold 1,526,667 units at C$1.50 each. It originally intended to sell 2 million of the units. 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$2.29 million
|
| Units: | 1,526,667
|
| Price: | C$1.50
|
| Warrants: | One half warrant per unit
|
| Warrant strike price: | C$2.00
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 27
|
| Stock symbol: | TSX Venture: MPE
|
| Stock price: | C$1.41 at close Oct. 29
|
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