BCP basing nicely, damn I should have seen that triple coming!
PXI.V increases bought deal to $6 million-
2-3 years ago it was hard to raise a penny for a resource company- now they are throwing millions at you!
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Planet Exploration increases financing to $6.02-million
2003-11-04 17:28 ET - 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.
