$2 million of offering proceeds are earmarked for company's subsidiary
By Devika Patel
Knoxville, Tenn., Feb. 15 - Newcastle Resources Ltd. said it will conduct a private placement of stock. The deal will raise $2.5 million.
The company will sell 2.5 million common shares at $1.00 apiece. The price per share is a 42.86% discount to the Feb. 14 closing share price of $1.75.
Settlement is expected this month.
Proceeds will be allocated as a $2 million financing commitment to the company's subsidiary, TrichoScience Innovations Inc., and also used for working capital.
Based in Vancouver, B.C., Newcastle seeks to cure baldness.
Issuer: | Newcastle Resources Ltd.
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Issue: | Common stock
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Amount: | $2.5 million
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Shares: | 2.5 million
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Price: | $1.00
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Warrants: | No
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Pricing date: | Feb. 15
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Stock symbol: | OTCBB: NCSLF
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Stock price: | $1.75 at close Feb. 15
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Market capitalization: | $47.34 million
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