By Laura Lutz
Des Moines, June 5 - Radar Acquisitions Corp. raised C$1.09 million from the second and final tranche of its previously announced C$1.5 million private placement of units.
In total, the company sold 6 million units of one share and one half-share warrant at C$0.25 per unit. Each whole warrant will be exercisable at C$0.45 for two years.
The first tranche, which closed on July 12, consisted of 1.64 million units. The second tranche included 4.36 million units.
The placement was non-brokered.
Proceeds will be used for lease maintenance and evaluation of the company's Colorado coal deposit; for a possible joint venture with New Energy USA, LLC; for repayment of a short-term debt; for working capital; and for general operating purposes.
Radar is a natural resource development company based in Calgary, Alta.
| Issuer: | Radar Acquisitions Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | June 5
|
| Settlement date: | July 12 (for C$410,000); Aug. 1 (for C$1.09 million)
|
| Stock symbol: | TSX Venture: RAC
|
| Stock price: | C$0.30 at close June 5
|
| Stock price: | C$0.47 at close July 12
|
| Stock price: | C$0.41 at close Aug. 1
|
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