Newstrike Resources Closes C$51.75 Million Bought

Newstrike Resources (TSXV:HIP) announced the closing of a short form prospectus offering for a total of 69,000,000 company units sold at a C$0.75 for aggregate gross proceeds worth C$51.75 million.

As quoted in the press release:

Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of $1.00 per share, subject to adjustment in certain events, until June 19, 2023.

The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Canada, excluding Québec, and offered and sold elsewhere outside of Canada on a private placement basis. The Company intends to use the net proceeds from the Offering for growth initiatives, working capital and general corporate purposes.

The Offering was completed by a syndicate of underwriters co-led by Cormark Securities Inc. and INFOR Financial Inc., and including Haywood Securities Inc. and Eight Capital.

Click here to read the full press release.

Source: globenewswire.com