By Devika Patel
Knoxville, Tenn., March 7 - Radar Acquisitions Corp. said it is repricing a C$3 million private placement of units, which was announced on Jan. 9. The revision is due to a change in the company's planned use of the proceeds.
Radar now plans to sell 13,636,364 units of one common share and one half-share warrant at C$0.22 apiece. The company originally planned to sell up to 10,714,285 units at C$0.28 per unit.
Each whole warrant will be exercisable at C$0.38 for two years. The warrants originally had a strike price of C$0.45.
Radar said Ascenta Finance Corp. will be the agent. The deal originally was to be non-brokered.
The company may pay a 7% finder's fee and issue a finder's option to buy up to 8% of the number of units sold. The finder's option is exercisable into units for two years.
Proceeds will be used to purchase of D&E Mining, LLC, a coal mine in Alabama.
When the deal was announced, the company said it would use the proceeds for advancing the Radar/New Energy USA, LLC, joint venture, continued lease maintenance and development of the company's Buick Coal Project, a reservation 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 common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 13,636,364
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.38
|
| Agent: | Ascenta Finance Corp.
|
| Fees: | 7%, option for 8%
|
| Pricing date: | Jan. 9
|
| Repriced: | March 7
|
| Stock symbol: | TSX Venture: RAC
|
| Stock price: | C$0.30 at close Jan. 8
|
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