Funds from offering used for change of business and working capital
By Devika Patel
Knoxville, Tenn., Sept. 21 – Elissa Resources Ltd. said it completed a C$1.5 million non-brokered private placement of units. The deal priced for C$800,400 on July 23.
The company sold 12,507,801 units of one common share and one warrant at C$0.12 per unit.
Each warrant is exercisable at C$0.20 per share for two years. The warrant strike price is a 42.86% premium to the Sept. 18 closing share price of C$0.14.
Proceeds will be used to support Spectrum Optix Inc.’s operations as per Elissa's options to acquire 100% of the Calgary-based technology firm, to fund the final stages of Elissa's change of business from a mining company to a technology company and for general working capital.
Once the change of business is complete, Vancouver, B.C.-based Elissa plans to change its name to Nexoptic Technology Corp. and develop technologies relating to imagery and light concentration applications.
| Issuer: | Elissa Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,500,936
|
| Units: | 12,507,801
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | July 23
|
| Settlement date: | Sept. 21
|
| Stock symbol: | TSX Venture: ELI
|
| Stock price: | C$0.14 at close Sept. 18
|
| Market capitalization: | C$1.45 million
|
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