Best-efforts, non-brokered deals fund company’s business development
By Devika Patel
Knoxville, Tenn., Oct. 16 – Northern Aspect Resources Ltd. said it completed a C$1.7 million brokered and non-brokered private placement of subscription receipts. The brokered portion, which raised C$700,000, priced for between C$700,000 and C$1 million on Aug. 11, and the non-brokered portion, which raised C$1 million, was added to raise between C$1 million and C$1.25 million on Sept. 17.
The company sold 2 million subscription receipts at C$0.50 per receipt in the non-brokered offering. The purchase price is identical to the Aug. 10 closing share price.
In the brokered sale, the company sold 1.4 million subscription receipts at the same purchase price.
Each subscription receipt will be automatically converted into a common share.
The brokered offering was conducted on a commercially reasonable, best-efforts basis by M Partners Inc.
Both sales were negotiated in connection with the company’s recently completed acquisition of Blockchain Tech Ltd., which constitutes its qualifying transaction.
Proceeds will be used to develop the company’s business and for general working capital purposes.
Beacon Securities Ltd. and Foster & Associates Financial Services Inc. were paid finder's fees.
The capital pool company is based in Calgary, Alta.
| Issuer: | Northern Aspect Resources Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$1.7 million
|
| Receipts: | 3.4 million
|
| Price: | C$0.50
|
| Warrants: | No
|
| Agent: | M Partners Inc. (for C$700,000), non-brokered (for C$1 million)
|
| Pricing date: | Aug. 11
|
| Upsized: | Sept. 17
|
| Settlement date: | Oct. 16
|
| Stock symbol: | TSX Venture: NTH.H
|
| Stock price: | C$0.50 at close Aug. 10
|
| Market capitalization: | C$3.14 million
|
© 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.
