Deal's proceeds to be used for working capital purposes, company says
By Devika Patel
Knoxville, Tenn., Oct. 27 - Stealth Ventures Ltd. said it raised C$350,000 in the second and final tranche of a non-brokered private placement of units. The deal priced for C$3 million June 17 and the company raised C$671,600 in the initial tranche on Aug. 10.
The company sold a total of 10,216,000 units at C$0.10 apiece for C$1.02 million. It sold 6,716,000 units in the first tranche and 3.5 million units in this tranche. Each unit consists of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$0.25.
The strike price reflects a 127.27% premium to the closing share price of C$0.11 on June 16.
Proceeds will be used for working capital purposes.
Stealth is a Calgary, Alta., oil and gas company.
| Issuer: | Stealth Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,021,600
|
| Units: | 10,216,000
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | June 17
|
| Settlement date: | Aug. 10 (for C$671,600), Oct. 27 (for C$350,000)
|
| Stock symbol: | TSX Venture: SLV
|
| Stock price: | C$0.11 at close June 16
|
| Market capitalization: | C$12.25 million
|
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