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Chieftain Metals Corp Announces Closing Of Tranche Of Private Placement Of Common Shares And Convertible Debentures


Thursday, 15 Aug 2013 04:25pm EDT 

Chieftain Metals Corp announced that it has completed an initial tranche of a non-brokered private placement to a fund managed by West Face Capital Inc. (West Face). The financing consists of 900,000 common shares at $0.80 per share, 54,000 common share purchase warrants and unsecured convertible debentures in the principal amount of $500,000 for gross proceeds to the Company of $1,220,000. The proceeds will be used for the Company's previously announced 2013 exploration campaign and for general corporate purposes. The debentures mature on August 31, 2016, bear interest at a rate of 8% per annum and are convertible into common shares of the Company at the option of the holder at a conversion price of $1.00 principal per common share (subject to adjustment). The conversion price represents a premium of 29.9% over the August 14, 2013 closing price of the Company's common shares on the Toronto Stock Exchange (the TSX). Each warrant is exercisable into one additional common share of the Company at an exercise price of $0.80 per common share for 12 months from their date of issue. The private placement has been conditionally approved by the TSX and all securities issued have a four month hold period. West Face has also agreed to subscribe for an additional $1,000,000 principal amount of convertible unsecured debentures, on the same terms as above, subject to Chieftain receiving disinterested shareholder approval in accordance with the requirements of the TSX. 

Company Quote

0.24
-0.01 -4.00%
21 Aug 2014