Non-brokered deal sells units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Aug. 7 – Zenyatta Ventures Ltd. said it has it has fully allocated its C$2 million non-brokered private placement of units. The deal priced on July 28.
The company will sell 1.6 million units of one common share and one half-share warrant at C$1.25 per unit, with each whole warrant exercisable at C$1.65 for one year. The strike price is a 26.92% premium to C$1.30, the July 27 closing share price.
Proceeds will be used for market and business development, material testing and general working capital purposes.
The graphite explorer is based in Thunder Bay, Ont.
| Issuer: | Zenyatta Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 1.6 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.65
|
| Agent: | Non-brokered
|
| Pricing date: | July 28
|
| Stock symbol: | TSX Venture: ZEN
|
| Stock price: | C$1.30 at close July 27
|
| Market capitalization: | C$71.03 million
|
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