Business
Olivut Resources Ltd. Private Placement Upsized
Olivut Resources Ltd. Private Placement Upsized.
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 that Olivut's best\nefforts private placement announced in a press release earlier today has been\nupsized from the original 3,715,000 units to 4,600,000 units ("Units") as a\nresult of strong investor demand. The offering price remains C$1.75 per unit,\nfor increased aggregate gross proceeds of C$8.05 million. Each Unit will\ncontinue to consist of one common share and one-half of one common share\npurchase warrant. Each whole warrant will entitle the holder to acquire one\ncommon share of the Company at an exercise price of C$2.00 per common share\nfor a period of 24 months from the closing of the offering. Closing is\nexpected to be on or about May 10, 2007.\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\nupsized private placement and compensation warrants (the "Compensation\nWarrants") entitling the Agents to purchase such number of common shares equal\nto 7.0% of the aggregate number of Units sold pursuant to the increased\nprivate placement. Each Compensation Warrant will entitle the Agents to\npurchase one common share of the Company at a price of $2.00 per common share\nfor a period of 12 months following 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, and may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration requirements.\nThis press release shall not constitute an offer to sell or the solicitation\nof an offer to buy nor shall there be any sale of the ...