By Laura Lutz
Des Moines, April 18 - Vannessa Ventures Ltd. priced a private placement of units for up to C$6.5 million.
The company plans to sell up to 18,571,429 units of one share and one half-share warrant at C$0.35 per unit. Each whole warrant will be exercisable at C$0.45 for two years.
Exploram Enterprises Ltd., a private company that already holds a controlling interest in Vannessa, will subscribe for C$1.5 million in the placement.
The placement will be non-brokered.
Proceeds will be used to advance development of the company's Crucitas project in Costa Rica, fund international arbitration and establish a cash reserve as well as for general corporate expenses.
The company also announced that it is negotiating an additional C$3 million financing, but warned that it may not reach an agreement on that deal.
Vannessa is a mining company based in Calgary, Alta.
| Issuer: | Vannessa Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6.5 million
|
| Units: | 18,571,429
|
| Price: | C$0.35
|
| Warrants; | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Investor: | Exploram Enterprises Ltd. (for C$1.5 million)
|
| Agent: | Non-brokered
|
| Pricing date: | April 18
|
| Stock symbol: | TSX Venture: VVV
|
| Stock price: | C$0.43 at close April 18
|
© 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.
