Deal sells common shares at C$0.40 apiece to replenish working capital
By Devika Patel
Knoxville, Tenn., April 24 - Nordex Explosives Ltd. said it raised C$567,000 in the third tranche of a C$1.5 million private placement of stock. The deal priced Jan. 27 and raised C$395,000 on Feb. 10 and C$209,000 on March 27.
The company is selling 3.75 million common shares at C$0.40 apiece. It sold 987,500 shares in the first tranche, 522,500 shares in the second and 1,417,500 shares in the third tranche. The price per share is a 2.56% premium to the Jan. 26 closing share price of C$0.39.
The deal is being conducted on a best-efforts basis by agent All Group Financial Services Inc. To date, the company has sold a total of 2,927,500 shares in the offering for C$1.17 million.
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
|
| Shares: | 3.75 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | All Group Financial Services Inc.
|
| Pricing date: | Jan. 27
|
| Settlement dates: | Feb. 10 (for C$395,000), March 27 (for C$209,000), April 24 (for C$567,000)
|
| Stock symbol: | TSX Venture: NXX
|
| Stock price: | C$0.39 at close Jan. 26
|
| Market capitalization: | C$3.38 million
|
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