Non-brokered sale of 2.6 million units will finance working capital
By Devika Patel
Knoxville, Tenn., April 5 - Nordex Explosives Ltd. said it has negotiated a C$1.69 million non-brokered private placement of units.
The company will sell 2.6 million units of one common share and one half-share warrant at C$0.65 per unit. Each whole warrant is exercisable at C$0.85 for 18 months.
The strike price is a 57.41% premium to the April 4 closing share price of C$0.54.
The offering is expected to close within 45 days.
Proceeds will be used to invest in the company's distribution system and for additional working capital.
The Mississauga, Ont., company makes and distributes explosives for the mining, quarry and construction industries.
| Issuer: | Nordex Explosives Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.69 million
|
| Units: | 2.6 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
| Agent: | Non-brokered
|
| Pricing date: | April 5
|
| Stock symbol: | TSX Venture: NXX
|
| Stock price: | C$0.54 at close April 4
|
| Market capitalization: | C$3.81 million
|
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