GREY:LEWCF - Post by User
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tuannon Apr 13, 2007 5:53pm
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Post# 12605664
PP News
PP NewsLeeward Capital arranges $2.5-million private placement
2007-04-13 17:41 ET - News Release
Mr. James Davis reports
LEEWARD CAPITAL CORP. ANNOUNCES PROPOSED PRIVATE PLACEMENT
Leeward Capital Corp. intends to complete a non-brokered private placement financing of:
5,882,354 units at a price of 34 cents per flow-through unit consisting of one flow-through common share of Leeward and one-half of one warrant, with each whole warrant entitling the holder thereof to purchase one common share of Leeward at an exercise price of 40 cents per share for a period of 24 months after the closing of the private placement for gross proceeds of $2-million; and
1,666,668 units at a price of 30 cents per unit consisting of one common share and one-half of one warrant, with each whole warrant entitling the holder thereof to purchase one common share at an exercise price of 40 cents per share for a period of 24 months after the closing of the private placement for gross proceeds of $500,000.
The exercise period of the warrants will accelerate in the event that at any time following Jan. 1, 2008, the common shares trade for 21 consecutive trading days at a closing price of 50 cents or greater, and following a 30-day notice period, the warrants will expire.
Closing of the private placement is expected to occur on or about April 26, 2007, or such other date as the parties may agree.
In connection with the private placement, Leeward will pay a finder's fee equal to 5 per cent of the gross proceeds of the private placement and will grant to the finder an option to purchase up to 337,551 common shares at a price of 34 cents per share for a period of 24 months after the closing of the private placement.
Leeward intends to use the proceeds of the private placement for further molybdenum exploration activities on its Nithi Mountain project located in British Columbia and for general working capital.
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