Company sells units of one common share and one warrant at C$0.05 each
By Devika Patel
Knoxville, Tenn., June 20 - Unitech Energy Resources Inc. said it settled the third tranche of a C$15 million private placement of units, raising C$2.14 million. The deal priced on April 27, and the company completed the initial C$2.77 million tranche on May 11; it raised C$608,000 on June 7.
In the first tranche, the company sold 55.4 million units of one common share and one warrant at C$0.05 per unit. It sold 12.16 million units in the second tranche and 42,828,300 units in the third at the same price and plans to sell up to 300 million units in the offer.
The warrants are exercisable at C$0.10 each for two years. The strike price reflects a 233.33% premium to the April 26 closing share price of C$0.03.
Proceeds will be used for drilling, exploration and general working capital.
Unitech is a resource exploration company based in Calgary, Alta.
| Issuer: | Unitech Energy Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$15 million
|
| Units: | 300 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | April 27
|
| Settlement dates: | May 11 (for C$2.77 million), June 7 (for C$608,000), June 20 (for C$2,141,415)
|
| Stock symbol: | TSX Venture: URX
|
| Stock price: | C$0.05 at close April 27
|
| Market capitalization: | C$7.72 million
|
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