By Laura Lutz
Des Moines, Aug. 16 - Sola Resource Corp. raised C$2.98 million from the first tranche of a C$3,903,250 private placement of units.
In this tranche, the company sold 8,514,285 units of one share and one half-share non-transferable warrant at C$0.35 per unit. Each whole warrant is exercisable at C$0.50 for 18 months.
RAB Special Situations subscribed for 2.8 million units, and Sprott Asset Management subscribed for 5,714,285 units.
A second tranche, consisting of 2,637,857 units for proceeds of C$923,250, is expected to close upon approval of the TSX Venture Exchange.
The placement priced on July 19 as a C$3.675 million offering of up to 10.5 million units with a greenshoe for an additional C$350,000. The second tranche will include a partial exercise of that greenshoe.
The deal is non-brokered.
Proceeds will be used for exploration and development of the company's Brazilian properties as well as for further acquisitions, working capital and general corporate purposes.
Sola is a resource exploration company based in Calgary, Alta.
| Issuer: | Sola Resource Corp.
|
| Issue: | Units of one share and one half-share non-transferable warrant
|
| Amount: | C$3,903,250
|
| Units: | 11,152,142
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Investors: | RAB Special Situations (for C$980,000); Sprott Asset Management (for C$2 million)
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 16 (for C$2.98 million)
|
| Stock symbol: | TSX Venture: SL
|
| Stock price: | C$0.45 at close July 19
|
| Stock price: | C$0.32 at close Aug. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
