- Halcones Precious Metals and Pinehurst Capital II (PINH.P) have announced that Halcones has closed its brokered private placement of subscription receipts
- Halcones issued an aggregate of 11,462,200 subscription receipts at a price of $0.30 per subscription receipt for gross proceeds of $3,438,660
- The gross proceeds from the sale of the subscription receipts are being held in escrow by Computershare in accordance with the subscription receipt agreement
- Pinehurst Capital II Inc is a capital pool company
- Pinehurst Capital II Inc. remained unchanged at $0.085 at 2:09 PM ET
Halcones Precious Metals Inc. and Pinehurst Capital II Inc. (PINH.P) have announced that Halcones has closed a brokered private placement of subscription receipts.
Regarding the subscription receipt offering, Halcones issued an aggregate of 11,462,200 subscription receipts at a price of $0.30 per subscription receipt for gross proceeds of $3,438,660.
The offering was completed in conjunction with an agreement dated June 24, 2022, among Halcones, Pinehurst, Clarus Securities Inc., iA Private Wealth Inc. and Haywood Securities Inc.
The subscription receipts are governed by the terms of a subscription receipt agreement dated June 24, 2022, and among Halcones, the Lead Agent and Computershare Trust Company of Canada.
In January of this year, Halcones and Pinehurst entered into an amalgamation agreement setting out the terms of the reverse take-over of Pinehurst by the shareholders of Halcones by way of a three-cornered amalgamation with a wholly-owned subsidiary of Pinehurst incorporated under the laws of the Province of Ontario.
Pinehurst, as the resulting issuer following the completion of the RTO, will continue the business of Halcones under the name “Pinehurst Precious Metals Corp.” or such other name as determined by Halcones.
The gross proceeds from the sale of the subscription receipts, less the cash portion of the agents’ commission and agents’ expenses, are being held in escrow by Computershare per the subscription receipt agreement and will be released to Halcones upon satisfaction and/or waiver of certain escrow release conditions, including completion of all conditions precedent to the RTO.
If the escrow release conditions are satisfied or waived on or before December 24, 2022 (subject to extension pursuant to the terms of the Subscription Receipt Agreement), the escrowed proceeds from the Subscription Receipt Offering will be released to Halcones.
Pinehurst Capital II Inc is a capital pool company.
Pinehurst Capital II Inc. remained unchanged at $0.085 at 2:09 PM ET.
