Vancouver-Potash One Inc. said Oct. 22 that it has begun a non-brokered private placement of flow-through shares to raise up to $10 million. Each flow-through share will be issued at $1.25 per share, for a total issuance of up to 8 million FT shares. The flow-through funds raised will be used for general exploration expenditures on the company’s Legacy Project, which will constitute Canadian exploration expenditures and will be renounced to the investors. The company is paying certain finders a 5 percent finder’s fee in cash and 5 percent in finder’s warrants. Each finder’s warrant will entitle the holder to purchase one non-flow-through common share at a price of $1.50 for a period of 12 months following the closing of the financing. All securities issued in the offering will have a hold period in Canada of a minimum of four months from the closing of the financing.
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