By Sheri Kasprzak
New York, June 26 - Brownstone Ventures Inc. intends to raise C$12 million in a private placement.
The non-brokered offering includes up to 8 million units at C$1.50 apiece.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$2.00 each for two years.
The expiry of the warrants may be accelerated to 30 days if the stock trades above C$3.50 for more than 20 consecutive trading days.
In other news, Brownstone entered into an agreement with Dejour Energy (USA) Corp. to participate with Dejour and Retamco Operating Inc. in the ownership, exploration and development of oil and gas properties in the Piceance Basin of Colorado and the Uinta Basin of Utah.
Toronto-based Brownstone is an investment company focused on uranium, oil and gas companies.
| Issuer: | Brownstone Ventures Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$12 million
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| Units: | 8 million
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| Price: | C$1.50
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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$2.00
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| Placement agent: | Non-brokered
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| Pricing date: | June 26
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| Stock symbol: | TSX Venture: BWN
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| Stock price: | C$1.50 at close June 26
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