Financing plans, including a rights offering that will allow shareholders in Ontario and Quebec to acquire up to almost 1.4 million common shares, are nearing completion, Jarvis Resources (VSE) reports.
Shareholders will receive one right for each share owned, and will be entitled to receive an additional share for $1 and four rights. An agreement with brokerage house L.O.M. Western will guarantee Jarvis a minimum subscription of $1 million. L.O.M. has agreed to purchase up to one million shares, less the number of shares subscribed for under the rights offering. Jarvis expects proceeds from the offering, which is subject to regulatory approval, to total about $1.3 million.
The proceeds will be used to develop a marble quarrying operation, complete with stone-cutting and polishing plant, near Sudbury, Ont.
Be the first to comment on "Jarvis raising marble funding"