By Sheri Kasprzak
New York, Nov. 18 - Permission Marketing Solutions Inc. said it plans to raise C$6,617,000 in a private placement.
The company intends to sell 13,234,000 subscription receipts at C$0.50 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one half-share warrant upon the completion of the company's acquisition of China Canada Energy Corp.
The warrants are exercisable at C$0.75 each for two years.
If the acquisition does not close by Dec. 31, the funds will be returned to subscribers.
Canaccord Capital Corp. is the placement agent.
Proceeds will be used for development on China Canada's coal bed methane projects in China. The rest will be used for working capital.
Based in Vancouver, B.C., Permission Marketing is moving into the coal bed methane exploration sector from the marketing sector.
Issuer: | Permission Marketing Solutions Inc.
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Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
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Amount: | C$6,617,000
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Receipts: | 13,234,000
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Price: | C$0.50
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Warrants: | One half-share warrant per unit upon exchange
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Placement agent: | Canaccord Capital Corp.
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Pricing date: | Nov. 17
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Stock price: | C$0.155 at close Dec. 8 (last trade)
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