good dilution?Iciena Ventures arranges $2-million private placement
TickerSymbol: C:IIE
Iciena Ventures arranges $2-million private placement
Iciena Ventures Inc (2) (C:IIE)
Shares Issued 71,652,099
Last Close10/9/2009 $0.13
Tuesday October 13 2009 - News Release
Ms. Kelly Fielder reports
ICIENA ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $2MILLION
Iciena Ventures Inc. will proceed with a non-brokered privateplacement of up to 13,333,333 units at a price of 15 cents per unit for grossproceeds of up to $2-million. Each unit will consist of one common share of thecompany and one-half of one common share purchase warrant. Each whole warrantwill entitle the holder thereof to purchase one common share at a price of 25cents for a period of two years from the closing of the offering.
The units will be made available by way of private placementexemption to accredited investors (as such term is defined in NationalInstrument 45-106 -- prospectus and registration exemptions) in Canada and theunits may be offered in other jurisdictions where they can be issued on aprivate placement basis, exempt from any prospectus, registration or othersimilar requirements.
The offering is subject to a number of conditions, includingreceipt of all necessary corporate and regulatory approvals, including the TSXVenture Exchange. The company may pay a finder's fee on the offering in cash,warrants or a combination thereof, within the maximum amount permitted by thepolicies of the exchange.
All securities issued in connection with the offering will besubject to a statutory hold period of four months plus a day from the date ofissuance in accordance with applicable securities law legislation. The proceedsfrom the offering will be used for general corporate working capital and tofinance the development of the company's 100-per-cent interest in the Jatobadiamond project located in Brazil. The Jatoba diamond project consists ofapproximately 215,000 hectares of mineral concessions located in the Paranatingakimberlite district of Brazil. The project is subject to a 2-per-cent netsmelter return royalty.