Indico Resources Ltd. announced that it has received CAD 2.68 million in funding from Stonehouse Construction Pte Ltd. and other investors.
On December 27, 2013, the company amended the terms of the transaction. The company will now issue 26,762,000 units at CAD 0.10 per unit for gross proceeds of CAD 2,676,200. The transaction is subject to the regulatory approvals, including the acceptance of the TSX Venture Exchange.
On December 31, 2013, the company announced that TSX Venture Exchange has accepted for filing documentation. The round will include participation from 70 placees. Leonard Harris, Erin Walmesley through Bayswater Consulting Ltd., Peggy Wu, Chief Financial Officer of the company, returning investor Stonehouse Construction Pte Ltd., and 10 professional group of investors, that will subscribe for 105,000 units, 50,000 units, 50,000 units, 15,000,000 units, and 1,950,000 units respectively. Haywood Securities Inc. will receive CAD 17,500 and 175,000 finder's warrants as finder's fees. Canaccord Genuity Corp. will receive CAD 10,360 and 103,600 finder's warrants as finder's fees. Raymond James Ltd. will receive CAD 24,864 and 248,640 finder's warrant as finder's fees. Each finder's warrant is exercisable at CAD 0.15 per share for three years.
On January 2, 2014, Indico Resources Ltd. closed the transaction. The transaction involved the participation of existing shareholders. The securities issued are subject to a hold period expiring May 1, 2014. Stonehouse Construction Pte Ltd. acquired 15,000,000 units for gross proceeds of CAD 1,500,000. Stonehouse Construction Pte Ltd. owns 28,846,919 common shares representing 29.53% stake in the company and 28,817,740 warrants.