By Sheri Kasprzak
New York, Nov. 22 - Brownstone Ventures Inc. said the over-allotment option attached to its previously announced private placement has been increased to C$2.5 million.
The greenshoe will now include up to 2.5 million extra units, up from 1.5 million.
The deal itself is comprised of up to 7.5 million units of one share and one half-share warrant. The whole warrants are exercisable at C$1.50 each for two years.
PowerOne Capital Markets Ltd. is the placement agent.
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.
The offering was first announced Nov. 15 as a C$5 million deal under the same terms and was upsized on Nov. 18 to C$7.5 million.
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$7.5 million (maximum)
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| Units: | 7.5 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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| Upsized: | Nov. 18
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| Greenshoe upsized: | Nov. 22
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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. 18
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| Stock price: | C$1.25 at close Nov. 22
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