By Devika Patel
Knoxville, Tenn., Oct. 17 - Victoria Resource Corp. plans a private placement of units to raise about C$13.5 million.
The company will sell units at C$0.70 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.85 for 18 months.
The deal is being conducted by a syndicate of agents led by Blackmont Capital Inc. and CIBC World Markets Inc. and including Orion Securities Inc. The agents will receive a 7% cash commission and compensation options exercisable into a number of common shares equal to 7% of the number of units sold. The options are exercisable at C$0.85 for one year.
Proceeds will be used for exploration and general corporate purposes.
Gold exploration company Victoria is based in Vancouver, B.C.
| Issuer: | Victoria Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$13.5 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
| Agents: | Blackmont Capital Inc. (lead), CIBC World Markets Inc. (lead); Orion Securities Inc.
|
| Fees: | 7% in cash; 7% in compensation options
|
| Pricing date: | Oct. 17
|
| Stock symbol: | TSX Venture: VIT
|
| Stock price: | C$0.75 at close Oct. 16
|
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