Brokered offering through Wildlaw Capital aims to fund working capital
By Devika Patel
Knoxville, Tenn., Oct. 20 - NXA Inc. said it will conduct a private placement of units through agent Wildlaw Capital Markets Inc.
The company will sell 1,000 units at C$1,000 per unit for C$1 million. The units consist of one C$1,000 two-year 10% convertible debenture and 5,000 warrants.
The debentures convert into common stock at C$0.15 per share. The conversion price represents a 1,400% premium to the closing share price of C$0.01 on Oct. 19.
The warrants are exercisable at C$0.15, also a 1,400% premium to the Oct. 19 closing price, at any time until maturity.
Settlement is expected Nov. 9.
Proceeds will be used primarily for working capital and general corporate purposes.
NXA is a mineral exploration company based in Toronto.
| Issuer: | NXA Inc.
|
| Issue: | Units of C$1,000 in convertible debentures and 5,000 warrants
|
| Amount: | C$1 million
|
| Units: | 1,000
|
| Price: | C$1,000
|
| Warrants: | 5,000 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Wildlaw Capital Markets Inc.
|
| Pricing date: | Oct. 20
|
| Settlement date: | Nov. 9
|
| Stock symbol: | TSX Venture: NXI
|
| Stock price: | C$0.01 at close Oct. 20
|
| Market capitalization: | C$701.51 million
|
|
|
| Debenture
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par of C$1,000
|
| Yield: | 10%
|
| Conversion price: | C$0.15
|
| Conversion premium: | 1,400%
|
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