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Pro-Or Inc. (TSXV:POI) appointed Euro Pacific Canada Inc. as lead Agent in what is now a brokered private placement. The size of the offering has been reduced from the previously announced amount of $2,300,000 to $2,295,000.
As quoted in the press release:
Euro Pacific Canada will receive a cash commission of 8% of the gross proceeds raised in respect of the Offering. In addition, Pro-Or will issue warrants (the “Broker Warrants”) to the Agents, exercisable at a price of $0.30 for a period of 18 months following the Closing Date, to acquire in aggregate which is equal to 8% of the number of Units sold under the Offering.
The size of the offering has been reduced to $2,295,000 compared to $2,300,000 announced on the press release dated July 10, 2013. Due to market conditions, the price and warrant terms of the Units offered in the private placement have been changed as follows:
- Each Unit shall be priced at $0.15 and contain one Class A share and one warrant;
- Each warrant shall entitle the holder to purchase one Class A share of the Corporation at $0.30 for 36 months. The warrants will be subject to an accelerator clause by which the warrant expiry date can be shortened at the Corporation’s discretion if the closing share price on the Exchange is $0.40 or higher for a period of more than 20 consecutive trading days, in which case the new expiry date would be the thirtieth day following formal written notification by the Corporation. Such notification cannot be issued during the first four months following the closing of this placement, which corresponds to the regulatory hold period applicable to all private placements.
The shares issued pursuant to the offering will be subject to a four-month hold period.