By Sheri Kasprzak
New York, Nov. 16 - Brownstone Ventures Inc. said it plans to raise up to C$5 million in a private placement.
The company intends to issue 5 million units through placement agent PowerOne Capital Markets Ltd.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$1.50 for two years. The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.50 for more than 20 consecutive trading days.
PowerOne has an over-allotment option for up to 2.5 million additional units.
The proceeds will be used for general corporate purposes.
Based in Toronto, Brownstone Ventures is an investment company focused on natural-resources concerns.
| Issuer: | Brownstone Ventures Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 5 million (maximum)
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| Greenshoe: | For up to 2.5 million units
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| Price: | C$1.00
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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$1.50
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| Placement agent: | PowerOne Capital Markets Ltd.
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| Pricing date: | Nov. 15
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| Stock price: | C$1.20 at close Nov. 15
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