Mr. Ernesto Echavarria has deep pocketsI pulled these facts from Copper Fox's Information Circular (he owns 55.7% of the company)
On January 22, 2013, the Corporation closed a private placement consisting of 1,764,706 units at a purchase price of $0.85 per unit, for aggregate gross proceeds of $1,500,000. Each unit consists of one common share of the Corporation and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share of the Corporation at an exercise price of $1.00 prior to 5:00pm January 22, 2014. Mr. Ernesto Echavarria, a director, insider and control person of the Corporation, participated in 100% of the private placement.
On April 8, 2013, the Corporation closed a non-brokered private placement consisting of 3,358,228 units at a purchase price of $0.79 per unit, for aggregate gross proceeds of $2,653,000. Each unit consists of one common share of the Corporation and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share of the Corporation at an exercise price of $1.00 prior to 5:00pm April 8, 2014. Mr. Ernesto Echavarria, a director, insider and control person of the Corporation, participated in the private placement.
Hopefully he (and the rest of management) have a few bucks left when we need to raise money in the future. It should help NKL keep their financing costs down. Would prefer less or no warrants though...