By Sheri Kasprzak
New York, Nov. 18 - Brownstone Ventures Inc. said it upsized to C$7.5 million its previously announced C$5 million private placement.
The company intends to sell up to 7.5 million units at $1.00 apiece.
The units are composed of one share and one half-share warrant. The whole warrants are exercisable at C$1.50 each 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 Capital Markets Ltd. is the placement agent for the deal and has an over-allotment option for up to 1.5 million extra units.
The offering was first announced Nov. 15 as a C$5 million deal under the same terms.
The proceeds will be used for general corporate purposes.
Based in Toronto, Brownstone Ventures is an investment company focused on natural-resource 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$7.5 million (maximum)
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Units: | 7.5 million (maximum)
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Greenshoe: | For up to 1.5 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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Upsized: | Nov. 18
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Stock price: | C$1.20 at close Nov. 15
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Stock price: | C$1.20 at close Nov. 17
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