By Sheri Kasprzak
Atlanta, Dec. 7 - Northern Sun Exploration Co. Inc. said Tuesday it has upsized its previously announced C$5 million private placement to C$7 million.
Placement agent PowerOne Capital Markets Ltd. exercised a greenshoe in the deal for an additional 3 million flow-through units and an additional 909,090 non flow-through units. The deal will now be comprised of a total of 7 million flow-through units at C$0.55 each and 6,363,636 non flow-through units at C$0.55 each.
The flow-through units include one flow-through common share and one warrant. The warrant in the flow-through units allows for an additional share at C$0.65 for the first year and C$0.85 for the second.
The non flow-through units include one non flow-through share and one warrant. The non flow-through warrants allow for an additional share at C$0.65 for one year and C$0.85 for the second year.
Based in Vancouver, B.C., Northern Sun is a petroleum and natural gas exploration company. It plans to use the proceeds from the offering to fund its exploration program on its joint-venture properties with the Kapawe'no First Nation in Alberta. The company will also use some of the funds for general working capital.
| Issuer: | Northern Sun Exploration Co. Inc.
|
| Issue: | Flow-through and non flow-through units
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| Amount: | C$7 million
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| Placement agent: | PowerOne Capital Markets Ltd.
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| Announcement date: | Nov. 18
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| Greenshoe: | Dec. 7
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| Stock price: | C$0.50 at close Nov. 18
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| Stock price: | C$0.50 at close Dec. 7
|
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|
| Flow-through units
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| Issue: | Flow-through units of one flow-through share and one warrant
|
| Shares: | 7 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.65 for the first year; C$0.85 for the second year
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| Non flow-through units
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| Issue: | Non flow-through units of one share and one warrant
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| Shares: | 6,363,636
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| Price: | C$0.55
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 for the first year; C$0.85 for the second year
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