By Devika Patel
Knoxville, Tenn., April 15 - Radar Acquisitions Corp. said it took in C$511,162 in the first tranche of a C$3 million private placement of units. The deal was announced on Jan. 9 and the company revised the terms of the placement on March 7.
In this tranche, the company sold 2,323,464 units of one common share and one half-share warrant at C$0.22 apiece.
Radar plans to sell 13,636,364 units total. 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.
Ascenta Finance Corp. is the agent. The deal originally was to have been 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 for furthering Radar's joint venture with New Energy USA, LLC; a reservation for working capital; and general operating expenses.
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
|
| Settlement date: | April 15 (for C$511,162)
|
| Stock symbol: | TSX Venture: RAC
|
| Stock price: | C$0.30 at close Jan. 8
|
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