Hmmm... PP at .10,
half warrant at .15 and the stock is trading at .07. Again, I am predicting this financing will not close and Ms. Kelly Fielder will be reporting another incarnation of this same news release. As I have pointed out before, less than 5% of the cash raised by these silly directors makes it to Brazil. They will advance a whole bunch to themselves though!
Why on earth would anyone invest with these people??
I am again predicting the failure of this financing.
2009-11-17 17:02 ET - News Release
Ms. Kelly Fielder reports
ICIENA ANNOUNCES UPDATE ON PRIVATE PLACEMENT
Iciena Ventures Inc.'s non-brokered private placement of up to13,333,333 units for gross proceeds of up to $2-million (see StockwatchOct. 13, 2009) is not proceeding. Alternatively, the company announcesthat it will proceed with a non-brokered private placement of up to 30million units at a price of 10 cents per unit for gross proceeds of upto $3-million. Each unit will consist of one common share of thecompany and one-half of one common share purchase warrant. Each wholewarrant will entitle the holder thereof to purchase one common share ata price of 15 cents for a period of one year from the closing of theoffering.The units will be made available by way of private placement exemptionto accredited investors (as such term is defined in National Instrument45-106 -- Prospectus and Registration Exemptions) in Canada, and theunits may be offered in other jurisdictions where they can be issued ona private placement basis, exempt from any prospectus, registration orother similar requirements.
The offering is subject to a number of conditions, including receipt ofall necessary corporate and regulatory approvals, including the TSXVenture Exchange. The company may pay a finder's fee on the offering incash, warrants or a combination thereof, within the maximum amountpermitted by the policies of the exchange.All securities issued in connection with the offering will be subjectto a statutory hold period of four months plus a day from the date ofissuance in accordance with applicable securities law legislation.
The proceeds from the offering will be used for general corporateworking capital and to finance the development of the company's100-per-cent interest in the Jatoba diamond project located in Brazil.The Jatoba diamond project consists of approximately 215,000 hectaresof mineral concessions located in the Paranatinga kimberlite districtof Brazil. The project is subject to a 2-per-cent net smelter returnroyalty.