Two types of receipts sold; receipts convert to either units or stock
By Devika Patel
Knoxville, Tenn., Sept. 27 - Triumph Ventures III Corp. said it raised C$3 million in the first tranche of a private placement of subscription receipts. The deal is being conducted in connection with a reverse take-over in which Triumph will amalgamate with Altitude Resources Ltd. as its qualifying transaction.
The company is selling receipts at C$0.60 apiece, a 200% premium to the Sept. 26 closing share price of C$0.20, and sold 4,001,000 receipts in this tranche.
The company is also selling flow-through receipts at C$0.70 apiece, a 250% premium to the Sept. 26 closing share price. The company sold 859,286 flow-through receipts in this tranche.
Each receipt will convert into units of one common share and one half-share warrant, with each whole warrant exercisable at C$0.80 for two years. The strike price is a 300% premium to the Sept. 26 closing price.
Each flow-through receipt will convert into one flow-through common share.
The offering is being conducted by a syndicate of agents co-led by Salman Partners Inc. and Portfolio Strategies Securities Inc.
The capital pool company is based in Toronto.
| Issuer: | Triumph Ventures III Corp.
|
| Issue: | Subscription receipts, flow-through subscription receipts
|
| Amount: | C$3,002,100
|
| Agents: | Salman Partners Inc. and Portfolio Strategies Securities Inc. (co-leads)
|
| Settlement date: | Sept. 27
|
| Stock symbol: | TSX Venture: TVP.P
|
| Stock price: | C$0.20 at close Sept. 26
|
| Market capitalization: | C$353,200
|
|
|
| Receipts
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
|
|
| Flow-through receipts
|
| Price: | C$0.70
|
| Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
