By Sheri Kasprzak
New York, July 22 - New Cantech Ventures Inc. said it has increased the size of its previously announced private placement to C$1,225,000 from C$1 million.
The company will now sell 8,166,667 units at C$0.15 each.
The 1.5 million additional units being offered will be sold on a non-brokered basis.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$0.20 each for two years.
The company announced its plans to raise C$1 million in an offering of 6,666,667 units under the same terms on July 5.
The deal is being sold through placement agent Canaccord Capital Corp., which has an over-allotment option for up to 1,333,333 additional units.
Based in White Rock, B.C., New Cantech is a mineral exploration company. The proceeds from both the brokered and non-brokered offerings will be used to advance the company's Lucky Ship molybdenum property in Houston, B.C.
| Issuer: | New Cantech Ventures Inc.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1,225,000
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| Units: | 8,166,667
|
| Greenshoe: | For 1,333,333 units
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| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20
|
| Placement agent: | Canaccord Capital Corp. (for 6,666,667 units)
|
| Pricing date: | July 5
|
| Upsized: | July 21
|
| Stock price: | C$0.20 at close July 5
|
| Stock price: | C$0.19 at close July 21
|
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