By Laura Lutz
Des Moines, Oct. 31 - Antares Minerals Inc. settled an oversubscribed private placement of units for C$5.64 million.
The company sold 6 million units of one share and one half-share warrant for C$0.94 per unit. Each whole warrant is exercisable at C$1.14 for two years.
The deal priced on Oct. 20 as a $5.264 million sale of 5.6 million units.
Farallon Capital Management LLC subscribed for 4.2 million of the units. The deal brings Farallon's total holdings in the company to 12.7 million common shares, or 34.6% of the company's non-diluted stock, and 6.35 million warrants. The exercise of all of Farallon's warrants would raise its share in the company to 44.3%.
Proceeds of the non-brokered deal will be used for drilling at the company's Haquira SX-EW copper project in southern Peru and exploration at its Rio Grande copper-gold project.
Waterdown, Ont.-based Antares is a mineral exploration company focused on properties in Latin America.
| Issuer: | Antares Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5.64 million
|
| Units: | 6 million
|
| Price: | C$0.94
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.14
|
| Investor: | Farallon Capital Management LLC (for 4.2 million units)
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: ANM
|
| Stock price: | C$0.97 at close Oct. 19
|
| Stock price: | C$0.98 at close Oct. 31
|
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