Key Developments: Olivut Resources Ltd (OLVRF.PK)
0.24USD
17 May 2013
$0.02 (+8.02%)
$0.22
$0.23
$0.24
$0.21
17,028
12,365
$1.46
$0.20
Latest Key Developments (Source: Significant Developments)
Olivut Resources Ltd Announces Innovative Funding Commitment for Up to $18 Million
Olivut Resources Ltd announced that it has entered into a Securities Purchase Agreement (the Agreement) to raise up to $18 million over approximately the next 36 months in a tranched placement of securities to the Canadian Special Opportunity Fund, L.P., a fund managed by The Lind Partners, a New York-based asset management firm (together Lind) focused on junior natural resource companies. It is anticipated that the initial cash advance date under the Agreement will occur on March 13, 2013. Olivut intends to use the proceeds to supplement its current cash position of approximately $1.1 million, to continue Olivut's exploration programs and for working capital purposes. Subject to the terms and conditions of the Agreement, Lind will invest $500,000 on the initial cash advance date and $200,000 every month (approximately) over the following 35 months. Tranches may be increased to a maximum of $500,000 upon mutual agreement between Olivut and Lind and may be less than $200,000 after the first tranche if any single tranche exceeds 0.55% of the Company's market capitalization. The initial investment of $500,000 consists of (i) a $300,000 callable, convertible security that may be converted into 689,655 units (each a "Unit"). Full Article
Olivut Resources Ltd Closes $325,000 Private Placement-Canada Stockwatch News
Canada Stockwatch News reported that Olivut Resources Ltd. has closed a non-brokered private placement for total gross proceeds of $325,000. The private placement comprises 342,105 flow-through common shares for proceeds of $325,000 at a price of 95 cents per flow-through share. The flow-through shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until April 13, 2013. The Company paid a finder's fee of $3,000, equal to 1% of certain gross proceeds of the private placement, to a registered dealer. Olivut will use the proceeds of the private placement primarily to finance exploration of its Hoam project in the Northwest Territories, Canada. The TSX Venture Exchange approved for listing the common shares issued under the private placement on December 11, 2012. Full Article
Olivut Resources Ltd Closes Private Placement of Flow-Through Shares and Common Shares for Gross Proceeds of $2,198,800
Olivut Resources Ltd announced that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of approximately $2,198,800 (the "Private Placement"). The Private Placement comprised placements of 1,079,200 flow-through common shares (the "FT Shares") for proceeds of $1,349,000 at a price of $1.25 per FT Share (the "FT Placement"), and 772,545 common shares (the "Common Shares") for proceeds of approximately $849,800 at a price of $1.10 per Common Share (the "Common Share Placement"). The FT Shares and the Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until April 23, 2012. Olivut will use the proceeds of the FT Placement primarily to fund exploration of its HOAM project in the Northwest Territories, Canada and proceeds of the Common Shares for costs related to its South American projects and general corporate purposes. Full Article
Olivut Resources Ltd Makes Offering of Flow-Through Shares and Common Shares by Way of Private Placement
Olivut Resources Ltd announced a non brokered private placement, proposed to issue (i) up to 1,600,000 common shares in the capital of Olivut to be issued on a flow-through basis (each, a FT Share) at a price of $1.25 per FT Share; and (ii) up to 909,090 common shares in the capital of Olivut (each, a Common Share) at a price of $1.10 per Common Share. Proceeds of the placement of FT Shares will be applied to costs related to the Company's HOAM project in Northwest Territories, Canada and proceeds of the Common Shares for costs related to its South American projects and general corporate purposes. Full Article
Latin American Minerals Inc Announces Option Agreement With Olivut Resources Ltd
Latin American Minerals Inc announced that it has signed a definitive Option Agreement (the Agreement) for the potential earn-in and joint venture development of the Company's Itapoty Diamond Project by Olivut Resources Ltd. Olivut is a Canadian diamond exploration company focused on projects in the NWT, Canada and in Uruguay, South America. The Itapoty Diamond Project is one of several exploration and mining projects being developed by Latin American Minerals in Paraguay. The Agreement provides Olivut with the option to earn 50% of the project by investing CDN$250,000 in exploration and project expenses during the first 12 months and an additional CDN$750,000 during the following 18 month period. Olivut will be the Operator of the project and expects to initiate their exploration programme immediately. After completing the earn-in conditions, a Joint Venture representing the two companies in equal proportion would be formed and the continued project development would be overseen by a joint management committee. Full Article
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