By Sheri Kasprzak
New York, Aug. 16 - New Cantech Ventures Inc. has completed the C$322,950 second tranche of its previously announced private placement, bringing the total proceeds raised from the offering to C$1,522,950.
The company sold 1,523,000 flow-through units in a non-brokered offering at C$0.15 each for C$228,450 and 630,000 non flow-through units at C$0.15 each for C$94,500.
The flow-through units include one flow-through 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 non flow-through units include one non flow-through share and one warrant. The warrants provide for the purchase of an additional share at C$0.20 each for two years.
On Aug. 1, the company completed the first tranche of the deal, including a greenshoe exercised by placement agent Canaccord Capital Corp., for C$1.2 million. The final tranche included a total of 6,333,333 flow-through units and 1,666,667 non flow-through units at C$0.15 each under the same terms.
The proceeds will be used to advance the company's Lucky Ship molybdenum property in Houston, B.C.
Based in White Rock, B.C., New Cantech is a mineral exploration company.
| Issuer: | New Cantech Ventures Inc.
|
| Issue: | Flow-through units of one share and one half-share warrant; non flow-through units of one share and one warrant
|
| Amount: | C$322,950
|
| Placement agent: | Canaccord Capital Corp.
|
| Pricing date: | July 5
|
| Settlement date: | Aug. 15 (for second tranche)
|
| Stock price: | C$0.20 at close July 5
|
| Stock price: | C$0.215 at close Aug. 15
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 1,523,000
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
|
|
| Common share units
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| Issue: | Non flow-through units of one share and one warrant
|
| Units: | 630,000
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
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