By Sheri Kasprzak
New York, Dec. 14 - Brownstone Ventures Inc. said it has concluded, with a fully exercised greenshoe, its previously announced private placement for C$10 million.
The company sold 10 million units, including an over-allotment option for 2.5 million additional units exercised by PowerOne Capital Markets Ltd., the placement agent.
The units are comprised of one share and one half-share warrant. The full warrants allow for the purchase of another share 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.
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$10 million
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| Units: | 10 million (includes greenshoe for 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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| Settlement date: | Dec. 14
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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$1.55 at close Dec. 14
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