Deal conducted in connection with the company's qualifying transaction
By Devika Patel
Knoxville, Tenn., Oct. 29 - Lateral Capital Corp. said it settled a C$520,000 second tranche of a C$3.01 million private placement of subscription receipts. The deal was conducted in connection with the company's qualifying transaction and priced for between C$2 million and C$5.01 million on Aug. 28; the company raised C$2.49 million on Oct. 25.
The company sold 17,760,736 subscription receipts at C$0.14 apiece in the first tranche and 3,714,284 receipts in the second tranche. The price per receipt is identical to the company's Aug. 27 closing share price.
The deal was conducted on a reasonable commercial efforts basis by co-lead agents Stonecap Securities Inc. and Wolverton Securities Ltd.
Each subscription receipt will be automatically exchanged for one common share for no additional consideration.
Proceeds were used to acquire a working interest in 2,400 acres of oil and gas mineral rights in the Medicine Hat area of South East Alberta. The acquisition was the company's qualifying transaction.
Lateral is a capital pool company based in Calgary, Alta.
| Issuer: | Lateral Capital Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$3,006,503
|
| Receipts: | 21,475,020
|
| Price: | C$0.14
|
| Warrants: | No
|
| Agents: | Stonecap Securities Inc. and Wolverton Securities Ltd. (co-leads)
|
| Pricing date: | Aug. 28
|
| Settlement dates: | Oct. 25 (for C$2,486,503), Oct. 29 (for C$520,000)
|
| Stock symbol: | TSX Venture: LCP.P
|
| Stock price: | C$0.14 at close Aug. 27
|
| Market capitalization: | C$1.01 million
|
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