CanAm Closes $14 million Brokered Private Placement Financing
2014年5月24日 - 6:13AM
Access Wire
Calgary, AB / ACCESSWIRE / May 23, 2014 - CanAm
Coal Corp. (COE TSX-V) ("CanAm" or the "Company") is pleased to
announce that it has closed its previously announced $14 million
private placement of units ("Units"). Each Unit is
comprised of $1,000 principal amount of 12% non-convertible secured
debentures ("Debentures") and 670 common share purchase warrants
("Warrants"). As part of the financing, approximately 9.4 million
Warrants were issued that entitle the holders to purchase one
common share of CanAm ("Common Share") at a price of $0.065 per
share for a period of 4 years from the closing date. The Warrants
are subject to a four month hold period that will expire on
September 23, 2014.
The proceeds from the offering will primarily be used for the
repayment of the Company's 10% and 9.5% debentures and related
interest which matured on May 8, 2014 and on May 9, 2014.
Insiders are participating in the new debenture for
approximately $2.6 million and approximately 1.7 million warrants
were issued to such insiders. The exercise of the warrants issued
to the insiders is subject to disinterested shareholder approval
which the Company intends to seek at its next shareholder's
meeting.
The TSX Venture Exchange has conditionally approved the private
placement.
Richardson GMP was paid a broker's fee and received broker's
warrants in compensation for acting as the agent in connection with
the Offering.
Company President & CEO, Jos De Smedt, commented: "We are
extremely pleased with the success of our financing and the fact
that our offering was fully subscribed. We could not have
accomplished this without the significant efforts and support of
the team at Richardson GMP and the continued support of many of our
existing stakeholders. The completion of the refinancing of our May
2014 debentures is an important component of our strategy to
improve the Company's financial position."
This press release does not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any state in the United States
in which such offer, solicitation or sale would be unlawful. The
securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Advisory Respecting Forward-Looking Statements:
This news release contains certain "forward-looking
information and statements" within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends",
"confident", "might" and similar expressions are intended to
identify forward-looking information or statements. In particular,
this new release contains forward looking statements pertaining to:
the use of proceeds of the private placement to satisfy the
obligations of the Company under the 10% and 9.5% debentures; the
participation of insiders and close associates in the private
placement; and intention of the Company to seek shareholder
approval for the exercise of Warrants by insiders. Various
assumptions were used in drawing the conclusions contained in the
forward-looking statements throughout this news release.
The forward-looking information and statements included in
this news release are not guarantees of future performance and
should not be unduly relied upon. Forward-looking statements
reflect management's current beliefs and assumptions, based on
information currently available to management. A number of factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements, many of which are
beyond the control of the Company. Among the material factors that
could cause actual results to differ materially from those
indicated by such forward-looking statements are: the failure to
receive final TSXV approval or approval of the shareholder for the
conversion of the Warrants held by insiders as well as those
factors discussed in or referred to under the heading "Risk and
Uncertainties" in the Company's Management's Discussion &
Analysis dated April 29, 2014 available at www.sedar.com. Such
information and statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information or statements.
The Company cautions that the foregoing list of assumptions,
risks and uncertainties is not exhaustive. The forward-looking
information and statements contained in this news release speak
only as of the date of this news release, and the Company assumes
no obligation to publicly update or revise them to reflect new
events or circumstances, except as may be required pursuant to
applicable securities laws.
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