- Junior mining company, Oakley Ventures (OAKY) has completed its initial public offering (IPO) for gross proceeds of C$396,000
- The company will use the money for working capital, and to fund exploration activities on Oakley’s Koster Dam property
- Yesterday, Oakley gained approval for its shares to be listed on the Canadian Securities Exchange (CSE)
- The company will begin trading on the exchange today, under the ticker code OAKY
- Oakley Ventures (OAKY) remains unchanged and is trading at C$0.12 per share
Junior mining company, Oakley Ventures (OAKY) has completed its initial public offering (IPO) for gross proceeds of C$396,000.
The company’s IPO consisted of 3.96 million common shares, which were sold at 10 cents per share. 460,000 of the shares from the IPO were sold to an over-allotment option.
Mackie Research Capital acted as the agent for the IPO, and received a cash commission worth 10 per cent of the IPO’s proceeds. In total, the agent received a $39,600 commission, a $20,000 corporate finance fee (plus GST), and reimbursement of reasonable expenses.
In addition, Oakley Ventures also granted the agent and its selling group share purchase warrants in the company. The warrants will allow the agent to buy an aggregate 396,000 shares at 10 cents each, exercisable by July 23, 2022.
With the IPO complete, Oakley Ventures now has 17.39 million issued and outstanding shares. Of those shares, 2.42 million are subject to escrow, following the standard 10 per cent initial release.
Yesterday, the company gained approval for its shares to be listed on the Canadian Securities Exchange (CSE). Oakley Ventures will begin trading its shares on the exchange today, under the ticker code OAKY.
The company plans to use the IPO proceeds of $396,000 to kickstart its exploration activities in southern British Columbia. In particular, Oakley will use the money to fund exploration on its Koster Dam property in B.C.’s Clinton Mining Division.
The company optioned the Koster Dam property from Cariboo Rose Resources in 2017. The property consists of ten mineral claims, which Oakley is eager to explore and develop.
Oakley Ventures (OAKY) remains unchanged and is trading at C$0.12 per share at 3:39pm EDT.
