Another $40 million for CHU's neighbour to the south can only bring more attention to CHU:-)
July 15, 2011
Volta Resources Inc. Announces $40 Million Underwritten Private Placement of Special Warrants
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Not for distribution to United States newswire services or for dissemination in the United States
Toronto, Ontario, July 14, 2011 -- Volta Resources Inc. (TSX:VTR) ("Volta" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Cormark Securities Inc. and including Scotia Capital Inc., Wellington West Capital Markets Inc., Jennings Capital Inc. and M Partners Inc. (the "Underwriters"), which have agreed to purchase, on a bought deal basis, 21,053,000 special warrants (the "Special Warrants") of Volta at a purchase price of $1.90 per Special Warrant (the "Offering Price"), for aggregate gross proceeds in the amount of approximately $40 million (the "Offering").
Each Special Warrant shall be issued under a special warrant indenture and shall entitle the holder thereof to receive, without payment of additional consideration, one common share (each a "Common Share") of the Company. The Special Warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) at the earlier of (i) the date a final receipt is obtained for the filing of a (final) short form prospectus qualifying for distribution the Common Shares underlying the Special Warrants (the "Qualification Date"), and (ii) 4:59 p.m. (Toronto time) on the date which is four months and a day following the closing date of the Offering. If the Qualification Date has not occurred on or before August 23, 2011, each Special Warrant shall thereafter entitle the holder to receive upon exercise, for no additional consideration, 1.1 Common Shares.
In addition, the Company has granted the Underwriters an option to purchase up to an additional 3,157,950 Special Warrants (representing 15% of the base Offering) at the Offering Price exercisable, in whole or in part, until closing for additional gross proceeds in the amount of up to approximately $6 million. |
