Brokered offering through Wildlaw Capital aims to fund working capital
By Devika Patel
Knoxville, Tenn., Dec. 16 - NXA Inc. said it has settled the second and final tranche of a private placement of debentures. The deal, which was conducted through agent Wildlaw Capital Markets Inc., priced for C$1 million on Oct. 20 and was revised on Nov. 22. NXA raised C$720,000 in the initial tranche and increased the offering to C$1.2 million on Dec. 16. It raised C$366,000 in this tranche.
The company sold 1,086 units at C$1,000.00 per unit. It sold 720 units in the first tranche and 366 units in the second. The units consist of one C$1,000.00 two-year 10% unsecured convertible debenture and 5,000 warrants.
The debentures convert into common stock at C$0.10 per share. The conversion price represents a 900% premium to the closing share price of C$0.01 on Oct. 19.
The two-year warrants are exercisable at C$0.15, also a 1,400% premium to the Oct. 19 closing price.
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$1,000.00 in unsecured convertible debentures and 5,000 warrants
|
| Amount: | C$1,086,000
|
| Units: | 1,086
|
| Price: | C$1,000.00
|
| 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
|
| Revised: | Nov. 22
|
| Upsized: | Dec. 16
|
| Settlement dates: | Dec. 16 (for C$720,000), Feb. 28 (for C$366,000)
|
| Stock symbol: | TSX Venture: NXI
|
| Stock price: | C$0.01 at close Oct. 20
|
| Market capitalization: | C$2.1 million
|
|
|
| Debenture
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par of C$1,000
|
| Yield: | 10%
|
| Conversion price: | C$0.10
|
| Conversion premium: | 900%
|
© 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.
