Toronto-listed William Resources has closed a special warrant equity financing with an underwriting group that will enable it to begin taking over Australian-based Valdora Minerals.
The financing consists of 25 million special warrants at $1.05 each, for proceeds of $26.25 million. Each special warrant is exercisable for a unit consisting of a common share and half a purchase warrant. Each purchase warrant is excercisable for one common share for 18 months from closing, at $1.45.
The company has also closed a separate 2.5-million special warrant financing at $1.12 per special warrant, for proceeds of $2.8 million. Each of these special warrants is excercisable for one common share of the company.
Most of the proceeds from these financings will be used to fund William’s purchase of 87 million shares of Valdora (30% of its outstanding shares), worth $20 million. This purchase represents the first step in the proposed takeover of all the outstanding shares of Valdora.
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