Pro-Or Inc. Announces $2.3 Million Private Placement
Pro-Or Inc. (TSXV:POI) announced a private placement for up to $2.3 million. This private placement is open to accredited investors, and consists of 500 Units for a total of 10,000,000 Class A shares.
As quoted in the press release:
Each Unit is composed of:
- 20,000 Class A shares priced at $0.23 per share and;
- 20,000 warrants to purchase Class A shares of the Corporation at $0.35 each for a 12-month period. 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 $0.50 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.
Pro-Or President and CEO Sylvain Boulanger said:
Given the positive economic results of the pre-feasibility study prepared by Seneca, an independent engineering group, Pro-Or has decided to proceed immediately with an equity financing.