Best-efforts, non-brokered deals fund company’s business development
By Devika Patel
Knoxville, Tenn., Sept. 17 – Northern Aspect Resources Ltd. said it will raise between C$1 million and C$1.25 million in a non-brokered private placement of subscription receipts. As previously reported, the company priced a brokered placement of subscription receipts to raise between C$700,000 and C$1 million on Aug. 11.
The company will sell between 2 million and 2.5 million subscription receipts at C$0.50 per receipt in the non-brokered offering. The purchase price is identical to the Aug. 10 closing share price.
In the brokered sale, the company will sell between 1.4 million and 2 million subscription receipts at the same purchase price.
Each subscription receipt will be automatically converted into a common share.
Settlement is expected in late September.
The brokered offering is being conducted on a commercially reasonable, best-efforts basis by M Partners Inc.
Both sales were negotiated in connection with the company’s planned acquisition of Blockchain Tech Ltd., which will constitute its qualifying transaction.
Proceeds will be used to develop the company’s business and for general working capital purposes.
The capital pool company is based in Calgary, Alta.
| Issuer: | Northern Aspect Resources Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$1.7 million (minimum), C$2.25 million (maximum)
|
| Receipts: | 3.4 million (minimum), 4.5 million (maximum)
|
| Price: | C$0.50
|
| Warrants: | No
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| Agent: | M Partners Inc. (for between C$700,000 and C$1 million), non-brokered (for between C$1 million and C$1.25 million)
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| Pricing date: | Aug. 11
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| Upsized: | Sept. 17
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| Stock symbol: | TSX Venture: NTH.H
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| Stock price: | C$0.50 at close Aug. 10
|
| Market capitalization: | C$2.29 million
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