By Susanna Moon
Chicago, Feb. 16 - Tyhee Development Corp. said it agreed to issue up to 21.03 million units by way of a private placement to raise up to C$3.15 million.
Each unit will consist of one common share and one half-share purchase warrant, with each warrant exercisable by July 15, 2011 at C$0.25.
Subscribers have agreed to surrender a share purchase warrant issued during a previous placement, which is exercisable at C$0.15 and expires July 15, 2011, for cancellation and pay C$0.15 cash for each unit subscribed for.
All securities issued will have a minimum four-month hold period.
Nine of the 12 holders of these warrants, including all of the insiders, have told the company that they would like to participate, according to a press release.
The warrants to be presented for cancellation are currently in the money by C$0.07 as of the close on Monday, the release said.
Tyhee is a gold exploration company based in Vancouver, B.C.
| Issuer: | Tyhee Development Corp.
|
| Issue: | Units of one common share and one half-share purchase warrant
|
| Amount: | C$3,154,500
|
| Units: | 21.03 million
|
| Price: | C$0.15
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | July 15, 2011
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Feb. 16
|
| Stock symbol: | TSX Venture: TDC
|
| Stock price: | C$0.22 at close on Feb. 16
|
| Market capitalization: | C$42.31 million
|
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