Non-brokered offering sells 8,878,425 equity units at C$0.35 per unit
By Devika Patel
Knoxville, Tenn., Feb. 14 - Taipan Resources Inc. said Wednesday that it settled a C$3.11 million non-brokered private placement of units. The deal priced for C$3 million on Jan. 31.
The company sold 8,878,425 units of one common share and one warrant at C$0.35 per unit.
Each five-year warrant is exercisable at C$0.50, which is a 31.58% premium to the Jan. 30 closing share price of $0.38.
Insiders participated for 20% of the offering.
Proceeds will be used for exploration expenditures and general working capital purposes.
Vancouver, B.C.-based Taipan Resources explores for oil and gas.
| Issuer: | Taipan Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3,107,449
|
| Units: | 8,878,425
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 13
|
| Stock symbol: | TSX Venture: TPN
|
| Stock price: | C$0.38 at close Jan. 30
|
| Market capitalization: | C$25.05 million
|
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