That was fast already oversubscribed good news indeed. Ok let's get this done and move this thing.
Planet Exploration increases financing to $6.02-million
Planet Exploration Inc PXI
Shares issued 14,885,445 Nov 3 close $1.45
Tue 4 Nov 2003 News Release
Mr. Ranjeet Sundher reports
PLANET INCREASES BOUGHT DEAL FINANCING
Planet Exploration has agreed, subject to regulatory approval, to increase
its bought-deal financing reported in Stockwatch on Nov. 4, 2003, of
$5.04-million (3.6 million units) to $6.02-million (4.3 million units). All
other terms and conditions of the bought-deal financing remain the same as
previously announced.
The units will be sold at a price of $1.40 per unit. Each unit comprises
one common share and one non-transferable common share purchase warrant.
Each warrant will entitle the holder to purchase one common share at a
price of $2 for 24 months from closing. If at any time after six months the
trading price of the company's shares close at a price equal to, or higher
than, $3 per share for a consecutive period of 20 trading days, the company
will be entitled to force conversion of the warrants.
Haywood Securities will act as underwriter and will be entitled to receive
a 6-per-cent cash commission and compensation options equal to 5 per cent
of the number of units sold in the offering, entitling Haywood to subscribe
for units at a price of $1.40 per unit exercisable for 24 months from
closing. All of the securities will be subject to a four-month hold period
in Canada following closing.
Net proceeds will be used to finance exploration on the company's assets,
including the Sidace Lake gold project in Ontario, the company's Mongolian
and Mexican mineral properties, and for general working capital purposes.
The private placement is subject to acceptance for filing by the TSX
Venture Exchange.
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