By Devika Patel
New York, May 4 - Brownstone Ventures Inc. said it will raise up to C$5 million in a private placement of units via agent PowerOne Capital Markets Ltd.
The company will sell 10 million units at C$0.50 per unit. Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for two years.
The warrants may expire sooner if the company's shares close above C$1.50 for 20 consecutive business days. In that case, the warrants will expire 30 days after the company notifies holders.
Up to 25% of the units may be purchased by insiders.
Brownstone is an energy-focused investment company based in Toronto.
Issuer: | Brownstone Ventures Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$5 million
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Units: | 10 million
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Agent: | PowerOne Capital Markets Ltd.
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Pricing date: | May 4
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Stock symbol: | TSX Venture: BWN
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Stock price: | C$0.60 at close May 1
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Market capitalization: | C$36.5 million
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