By Devika Patel
Knoxville, Tenn., Sept. 21 - Proventure Income Fund announced that it has raised C$4,074,997.50 in its previously announced non-brokered private placement of units.
The company sold 2,328,570 trust units at C$1.75 per unit. Each unit came with a warrant, which is exercisable for another trust unit at C$2.25 for two years.
About 97% of the private placement was purchased by insiders.
Proceeds will be used for the acquisition of certain lands and buildings in Edmonton, Alta., to fund further capital expenditures and business acquisitions, and for general corporate purposes.
The units and warrants have a four-month hold period.
Proventure Income Fund is a Calgary, Alta., open-ended mutual fund trust.
| Issuer: | Proventure Income Fund
|
| Issue: | Units accompanied by one warrant
|
| Amount: | C$4,074,997.50
|
| Units: | 2,328,570
|
| Price: | C$1.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.25
|
| Pricing date: | Aug. 3
|
| Stock symbol: | TSX Venture: PVT-UN
|
| Stock price: | C$1.50 at close Aug. 2
|
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