TransactionsVolta Resources Inc. Closes $34.5 Million Bought Deal Private PlacementPublished: 07/07/2010 By Mark T. Bennett, Andrea FitzGerald On June 2, 2010, Volta Resources Inc. closed a private placement of special warrants with a syndicate of underwriters led by Cormark Securities Inc. and including GMP Securities L.P., Wellington West Capital Markets Inc., Rodman & Renshaw, LLC and M Partners Inc. The Underwriters purchased 22,258,000 special warrants, including 2,903,160 special warrants sold pursuant to the Underwriters' option, on an underwritten bought deal private placement basis, at a price of $1.55 per special warrant for aggregate gross proceeds to the Company of $34,499,900. The special warrants, as well as the common shares issuable upon exercise of the special warrants, are currently subject to a four-month and one day hold period under applicable Canadian securities laws which expires on October 3, 2010. Each special warrant shall entitle the holder thereof to receive, without payment of additional consideration, one common share of Volta, unless Volta does not obtain a receipt for a final short form qualification prospectus by July 16, 2010, qualifying the common shares issuable on exercise of the special warrants, in which case each special warrant shall entitle the holder thereof to receive 1.05 common shares instead of one common share. The Company has received conditional listing approval from the Toronto Stock Exchange for the listing of all common shares to be issued in connection with the exercise of the special warrants sold under the private placement, subject to satisfying certain standard listing conditions of the Exchange. Cassels Brock acted for Volta Resources Inc. with a team that included Mark Bennett (Securities and Mining), Andrea FitzGerald (Securities and Mining) and Jelena Novikov (Securities). |