By Devika Patel
Knoxville, Tenn., Jan. 12 - Volta Resources Inc. said it plans a C$4 million private placement of units with International Finance Corp. International Finance also would have the right to invest an additional C$4 million, in minimum amounts of C$1 million, over the next year.
The company will sell 5,405,405 units at C$0.74 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.03 for five years.
Proceeds will be used to finance exploration at Volta's flagship Kiaka Gold Project.
Volta is a Toronto-based mineral exploration company primarily focused on gold.
Issuer: | Volta Resources Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$4 million
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Optional amount: | C$4 million additional investment possible at investor's option
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Units: | 5,405,405
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Price: | C$0.74
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | C$1.03
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Investor: | International Finance Corp.
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Pricing date: | Jan. 12
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Stock symbol: | Toronto: VTR
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Stock price: | C$0.90 at close Jan. 11
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Market capitalization: | C$67.4 million
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