Yoho Resources announces C$15 million private placement bought deal financing
On June 1, 2015, Yoho Resources Inc. ("Yoho") announced that it entered into an agreement with a syndicate of underwriters led by Acumen Capital Finance Partners Limited and including FirstEnergy Capital Corp. and National Bank Financial Inc. pursuant to which the underwriters agreed to purchase on a private placement bought deal basis for resale a combination of common shares of Yoho at an issue price of C$0.63 per common share and common shares issued on a "flow-through" basis pursuant to the provisions of the Income Tax Act (Canada) at an issue price of C$0.68 per flow-through share for aggregate gross proceeds of C$5,000,000.
In addition, the underwriters agreed to purchase on a private placement bought deal basis for resale convertible secured second lien debentures of Yoho for gross proceeds of C$10,000,000. The debentures will bear interest at a rate of 8.25% per annum, maturing on June 30, 2020. Yoho also granted the underwriters an option exercisable in whole or in part, for a period commencing on the closing of the offering and ending 30 days thereafter, to purchase up to an additional 33% of the offering in any given combination of common shares, flow-through shares and debentures on the same terms and conditions as the offering for additional aggregate gross proceeds of up to C$5,000,000.
The offering is expected to close on or about June 22, 2015, subject to customary conditions including receipt of applicable regulatory approvals.
Yoho is a Calgary based junior oil and natural gas company with operations focusing in West Central Alberta and northeast British Columbia.
Further information can be found on Marketwired's website.