A new non-brokered private placement by Chatham Rock Phosphate Ltd (TSX-V: NZP; NZAX: CRP) is set to raise $C1.2 million ($NZ1.297 M) for the company.
The company said the deal involved 4.8 M units at a price of $C0.25 per unit.
Managing director Chris Castle said each Unit will consist of one common share in the company and one-half of one non-transferrable share purchase warrant. Each whole warrant would entitle the holder to acquire a common share at a $C0.45 per share within two years.
Proceeds of this placement will assist the re-application for the environmental permit during the next year for the Chatham Rise seabed phosphate project with New Zealand’s Environmental Protection Authority.
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