Non-brokered deal funds loan and royalty agreement with Country Wine
By Devika Patel
Knoxville, Tenn., Sept. 1 – Royalty North Partners Ltd. said it settled a C$9.54 million non-brokered private placement of units. The deal priced on Aug. 11 and was increased to minimum proceeds of C$9.5 million from C$7 million on Aug. 30.
The company sold 63,576,745 units of one common share and one half-share warrant at C$0.15 per unit. Each whole warrant is exercisable at C$0.25 until Sept. 1, 2021. The strike price represents a 47.06% premium to the Aug. 29 closing share price of C$0.17.
Proceeds will be used for the company’s planned loan and royalty agreement with Country Wine & Spirits, Inc., transaction expenses and working capital purposes.
The Vancouver, B.C., company provides royalty financing to private businesses operating outside of the natural resource and commodity sectors.
| Issuer: | Royalty North Partners Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$9,536,512
|
| Units: | 63,576,745
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Sept. 1, 2021
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 11
|
| Upsized: | Aug. 30
|
| Settlement date: | Sept. 1
|
| Stock symbol: | TSX Venture: RNP
|
| Stock price: | C$0.17 at close Aug. 29
|
| Market capitalization: | C$7.15 million
|
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