Olivut Resources Announces Closing of a Private Placement

Olivut Resources Ltd (TSXV:OLV), a diamond exploration company, announced that it has closed its private placement of a $300,000 callable and convertible security in order to raise as much as $18 million in the next 3 years.

As quoted in the press release:

As previously announced, the convertible security may be converted into 689,655 units (each a “Unit”). The first 500,000 Units issued shall be comprised of one common share and one warrant (the warrant entitling the holder to purchase one common share, as further described below) and the remaining Units issued shall be exercisable for one common share. The convertible security is repayable March 31, 2016 carries a 0% interest rate and is unsecured and subordinated.

Click here to read the full Olivut Resources Ltd (TSXV:OLV) press release.