CleanTech Vanadium Mining to Raise $1.56 Million Via a Non-Brokered Private Placement
CleanTech Vanadium Mining (CTV.V) on Tuesday launched a non-brokered private placement of share units to raise up to $1.6 million.The company will place up to 12-million units at $0.13 apiece and made up of a shares and a three-year transferable warrant to buy a share for $0.18.Insiders of the company will be subscribing for up to 3-million units for proceeds of up to $390,000, including participation from Oracle Commodity Holding, an insider and control person of the company, who has agreed to subscribe for 1-million units for $130,000 under the offering.Upon closing of the offering, Oracle will hold 43.8-million common shares and a total of 2.7-million warrants, representing about 26.82% of the issued and outstanding shares of the company on an undiluted basis, and about 28.02% on a partially diluted basis, assuming the exercise of all warrants held by Oracle.Proceeds will be used for general corporate needs.Shares of the company were last seen unchanged at $0.13 on the TSX Venture Exchange.
