By Devika Patel
Knoxville, Tenn., March 20 - Raytec Metals Corp. said it is increasing a non-brokered private placement of units to C$4.2 million. The deal priced for C$3.6 million on Feb. 13.
The company now plans to sell up to 9,333,333 units, increased from 8 million units, at C$0.45 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable into one non flow-through common share at C$0.75 for two years.
The warrants may expire sooner if the company's shares close at C$1.25 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for advancing the company's potash properties and for general corporate purposes.
Based in Vancouver, B.C., Raytec is a mineral exploration company developing iron ore and potash deposits.
| Issuer: | Raytec Metals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4.2 million
|
| Units: | 9,333,333
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 13
|
| Upsized: | March 20
|
| Stock symbol: | TSX Venture: RAY
|
| Stock price: | C$0.71 at close Feb. 13
|
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