Company also cancels C$14 million private placement of units and loan
By Devika Patel
Knoxville, Tenn., Aug. 11 - Prima Colombia Hardwood Inc. announced it plans to sell C$8.1 million of units in a non-brokered private placement. The company also said it was canceling plans for a C$10 million placement of units and a C$4 million bridge loan, which priced May 27.
The company will sell 90 million units of one common share and one warrant at C$0.09 per unit. The warrants will each be exercisable at C$0.35 until Sept. 21, 2015. The strike price reflects a 366.67% premium to the Aug. 10 closing share price of C$0.075.
Settlement is expected Aug. 23.
Proceeds will be used to obtain cutting permits and for general working capital purposes.
The Vancouver, B.C.-based company produces wood products.
Issuer: | Prima Colombia Hardwood Inc.
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Issue: | Units of one common share and a warrant
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Amount: | C$10 million
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Units: | 90 million
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Price: | C$0.09
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Warrants: | One warrant per unit
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Warrant expiration: | Sept. 21, 2015
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Warrant strike price: | C$0.35
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Agent: | Non-brokered
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Pricing date: | Aug. 11
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Settlement date: | Aug. 23
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Stock symbol: | TSX Venture: PCT
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Stock price: | C$0.075 at close Aug. 10
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Market capitalization: | C$23.5 million
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