Oversubscribed offering raises proceeds for exploration, development
By Devika Patel
Knoxville, Tenn., Nov. 15 - Cloudbreak Resources Ltd. said its non-brokered private placement of shares has been oversubscribed and increased again.
The company said Oct. 25 that it would raise C$2.5 million through a private placement of common stock and up to C$500,000 in an offer of flow-through shares. On Nov. 10, it increased the deal to C$3.24 million. It now plans to raise C$3.31 million through a combination of these shares.
The company is selling 7,033,750 common shares at C$0.40 each and 909,090 flow-through common shares at C$0.55 each.
The share prices represent premiums of 8.11% and 48.65%, respectively, to the company's C$0.37 closing share price on Oct. 22.
Proceeds will be used for the exploration and development of the company's assets, the acquisition of additional assets and for general working capital.
Cloudbreak Resources is an oil exploration and gold mining company based in Vancouver, B.C.
| Issuer: | Cloudbreak Resources Ltd.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$3,313,500
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 25
|
| Upsized: | Nov. 10, Nov. 15
|
| Stock symbol: | TSX Venture: CDB
|
| Stock price: | C$0.37 at close Oct. 22
|
| Market capitalization: | C$15.33 million
|
|
|
| Shares
|
| Amount: | C$2,813,500
|
| Shares: | 7,033,750
|
| Price: | C$0.40
|
|
|
| Flow-though shares
|
| Amount: | C$500,000
|
| Shares: | 909,090
|
| Price: | C$0.55
|
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