Deal raises proceeds for exploration, development program of ArPetrol
By Devika Patel
Knoxville, Tenn., Dec. 16 - RPT Resources Ltd. said it plans a private placement of subscription receipts. The C$27 million deal will be conducted by a syndicate of agents led by Raymond James Ltd. and including Canaccord Genuity Corp.
The company will sell 207,693,000 receipts at C$0.13 apiece. The deal also has a C$2.7 million greenshoe. The purchase price is a 23.53% discount to C$0.17, the Dec. 15 closing share price.
Each receipt will be automatically converted into one unit of a common share and one warrant. The warrants will be exercisable at C$0.26 for two years. The strike price is a 52.94% premium to the Dec. 15 closing share price.
Settlement is expected on Jan. 11.
Proceeds will be used to fund the exploration and development program of ArPetrol Inc.
The uranium and minerals exploration company is based in Vancouver, B.C.
| Issuer: | RPT Resources Ltd.
|
| Issue: | Subscription receipts convertible into units of a common share and one warrant
|
| Amount: | C$27 million
|
| Greenshoe: | C$2.7 million
|
| Receipts: | 207,693,000
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.26
|
| Agent: | Raymond James Ltd. (lead), Canaccord Genuity Corp.
|
| Pricing date: | Dec. 16
|
| Settlement date: | Jan. 11
|
| Stock symbol: | TSX Venture: RPT
|
| Stock price: | C$0.17 at close Dec. 16
|
| Market capitalization: | C$19.89 million
|
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