WELLINGTON, New Zealand,
April 3, 2018 /CNW/ - Chatham Rock
Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the "Company") is
pleased to announce that CRP is proceeding with a non-brokered
private placement of up to 4,800,000 units (the "Units") at a price
of CAD$0.25 per Unit for gross
proceeds of up to CAD$1,200,000.
Each Unit will consist of one common share in the capital of the
Company and one-half of one non-transferrable share purchase
warrant ("Warrant"). Each whole Warrant will entitle the
holder thereof to acquire one common share at a price of
CAD$0.45 per share at any time prior
to the date that is two years from the date of issuance.
In the event that the common shares of the Company trade on the
TSX Venture Exchange at a closing price of greater than
CAD$0.60 per common share for a
period of 20 consecutive trading days at any time after four months
and one day after the closing date of the private placement, the
Company may accelerate the expiry date of the Warrants by giving
notice to the holders thereof by way of a news release and in such
case the Warrants will expire on the 30th day after the
date of dissemination of the news release.
The proceeds of this placement will be used to progress the
re-application for the environmental permit during the next year.
The application is expected to be substantially complete after 12
months after this financing closes fully subscribed.
Finders' fees may be payable in cash to arm's length parties in
connection with this placement as permitted under the policies of
the TSX Venture Exchange. The private placement is subject to
the acceptance by the TSX Venture Exchange.
Neither the Exchange, its Regulation Service Provider (as
that term is defined under the policies of the Exchange), or New
Zealand Exchange Limited has in any way passed upon the merits of
the Transaction and associated transactions, and has neither
approved nor disapproved of the contents of this press
release.
SOURCE Chatham Rock Phosphate