Business
Olivut Resources Ltd. Announces Private Placement
Olivut Resources Ltd. Announces Private Placement.
About this update from Olivut Resources Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nTSX-V: OLV\n\n\nTORONTO, April 24 /CNW/ - Leni Keough, President and CEO of Olivut\nResources Ltd. ("Olivut" or the "Company") announces the arrangement of a best\nefforts private placement for the sale of 3,715,000 units at C$1.75 per unit\n(a "Unit) for gross proceeds of C$6.5 million. Each Unit will consist of one\ncommon share and one-half of one common share purchase warrant. Each whole\nwarrant will entitle the holder to acquire one common share of the Company at\nan exercise price of C$2.00 per common share for a period of 24 months from\nthe closing of the offering. Closing is expected to be on or about May 10,\n2007.\n\n\nGenuity Capital Markets, acting as lead agent and sole bookrunner, and a\nsyndicate of agents including Canaccord Capital Corporation (the "Agents")\nwill receive cash commission of 7.0% of the gross proceeds raised in this\nprivate placement and compensation warrants (the "Compensation Warrants")\nentitling the Agents to purchase such number of common shares equal to 7.0% of\nthe aggregate number of Units sold pursuant to the private placement. Each\nCompensation Warrant will entitle the Agents to purchase one common share of\nthe Company at a price of $2.00 per common share for a period of 12 months\nfollowing the closing.\n\n\nThe proceeds from the placement will be used to continue the exploration\nprogram on the HOAM project and for general corporate purposes.\n\n\nCompletion of the private placement is subject to certain conditions\nincluding, but not limited to all necessary approvals. The private placement\nis being made in the provinces of British Columbia, Alberta and Ontario. The\nsecurities offered have not been registered under the U.S. Securities Act of\n1933, as amended, or the securities laws of any state, and may not be offered\nor sold in the United States or to a U.S. Person (as defined in Regulation S\nof the U.S. Securities Act) absent registration or an applicable exemption\nfrom the registration requirements. This press release shall not constitute an\noffer to sell or the solicitation of an offer to buy nor shall there be any\nsale of the securities in any State in which such offer, solicitation or sale\nwould be unlaw...