Placement proceeds include full exercise of over-allotment option
By Jennifer Chiou
New York, Jan. 11 - RPT Resources Ltd. announced that it banked gross proceeds of C$29.7 million in its private placement of subscription receipts conducted by a syndicate of agents led by Raymond James Ltd. and including Canaccord Genuity Corp.
The deal was announced at C$27 million on Dec. 16, and the agents fully exercised the C$2.7 million greenshoe.
The company sold a total of 228,462,300 receipts at C$0.13 apiece. 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.
Proceeds will be used to fund the exploration and development program of ArPetrol Inc. after RPT completes its acquisition of the company.
RPT is a uranium and minerals exploration company based in Vancouver, B.C.
| Issuer: | RPT Resources Ltd.
|
| Issue: | Subscription receipts convertible into units of a common share and one warrant
|
| Total amount: | C$29,700,099 (including greenshoe for C$2.7 million)
|
| Receipts: | 228,462,300
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.26
|
| Agents: | 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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