By Devika Patel
Knoxville, Tenn., Oct. 30 - Armistice Resources Corp. announced it raised C$350,000 in the second and final tranche of a private placement of units. The company raised C$1.17 million in the first tranche on Sept. 28.
Sandfire Securities Inc. was the agent. MineralFields Group participated.
The company sold 1,976,571 units and 5,971,178 flow-through units at C$0.14 per unit and C$0.15 per flow-through unit in the first tranche. It sold 2,333,333 flow-through units in this tranche.
Each unit includes one common share and one half-share warrant; each flow-through unit includes one flow-through share and one half-share warrant.
Each whole two-year warrant is exercisable at C$0.20 in the first year and at C$0.50 in the second year.
The warrants will be subject to acceleration if the company's stock closes at or above a specified price for 20 consecutive trading dates. The specified price is C$0.50 for the period that begins four months and a day after closing and ends 12 months after closing, and the specified price is C$0.75 after that time.
The proceeds will be used for exploration, general corporate purposes and working capital.
Armistice Resources is a gold exploration company based in Kirkland Lake, Ont.
| Issuer: | Armistice Resources Corp.
|
| Issue: | Common share units, flow-through common share units
|
| Amount: | C$1,522,397
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20 in year one; C$0.50 in year two
|
| Agent: | Sandfire Securities Inc.
|
| Investor: | MineralFields Group
|
| Announcement date: | July 31
|
| Settlement date: | Sept. 28 (for C$1,172,397), Oct. 30 (for C$350,000)
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.15 at close July 30
|
| Market capitalization: | C$14.1 million
|
|
|
| Units
|
| Amount: | C$276,720
|
| Units: | 1,976,571
|
| Price: | C$0.14
|
|
|
| Flow-through units
|
| Amount: | C$1,245,677
|
| Units: | 8,304,511
|
| Price: | C$0.15
|
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