Ferro Iron Ore Corp (C:RRO)
Shares Issued 8,685,673
Last Close 10/18/2012 $0.195
Monday November 05 2012 - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Aug. 20, 2012:
Number of special warrants:17 million special warrants
Purchase price:five cents per special warrant
Special warrant terms:Each special warrant will entitle the holder to receive, upon satisfaction of the release conditions (as defined below), one unit of the company. Each unit consists of one common share of the company and one-half non-transferable share purchase warrant (see terms below). The release conditions are: i) the issuance, by the B.C. Registrar of Companies, of articles of arrangement for the company, as set out in an order by the B.C. Supreme Court with respect to the plan of arrangement between the company and Pacific Standard Properties Inc., as approved by the shareholders of the company on May 31, 2012; and ii) any necessary shareholder, regulatory, court and other approval necessary. The plan of arrangement approved by shareholders will result in the shareholders of the company receiving one share of the company for each four shares of the company held before the effective date of the plan of arrangement.
Warrants:8.5 million share purchase warrants to purchase 8.5 million shares
Warrant exercise price:10 cents for a two-year period
Number of placees:27 placees
Insider participation:Forbes & Manhattan Inc. (Stalin Bharti) -- 4.2 million
Finders' fees:Jeff Paquin will receive $19,950 cash. Gary Berar will receive 413,000 agent's options. G. Scott Paterson will receive 378,000 agent's options. Each agent's option consists of one share and one-half share purchase warrant and is exercisable at 10 cents for two years.
Trading in the shares of the company will remain halted.