Company cancels C$1.5 million non-brokered private placement of units
By Devika Patel
Knoxville, Tenn., Jan. 27 - Nordex Explosives Ltd. said it will take in C$1.5 million in a private placement of stock. The company also said its C$1.5 million non-brokered private placement of units, which priced on Nov. 16, has been terminated.
The company will sell 3.75 million common shares at C$0.40 apiece, a 2.56% premium to the Jan. 26 closing share price of C$0.39.
The deal will be conducted on a best-efforts basis by agent All Group Financial Services Inc.
Proceeds will be used to invest in the company's distribution system and replenish working capital.
The Mississauga, Ont., company makes and distributes explosives for the mining, quarry and construction industries.
| Issuer: | Nordex Explosives Ltd.
|
| Issue: | Common shares
|
| Amount: | C$1.5 million
|
| Units: | 3.75 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | All Group Financial Services Inc.
|
| Pricing date: | Jan. 27
|
| Stock symbol: | TSX Venture: NXX
|
| Stock price: | C$0.39 at close Jan. 26
|
| Market capitalization: | C$2.75 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
