By Angela McDaniels
Tacoma, Wash., June 8 - Admiral Bay Resources, Inc. said it completed the C$1.48 million second tranche of a private placement of units, bringing the size of the placement to C$1.67 million.
The initial tranche closed on May 15.
Each unit sold for C$0.064 and consists of one common share and one-half of a warrant.
Each whole tranche A warrant is exercisable for one common share at C$0.09 for one year, and each whole tranche B warrant is exercisable for one common share at C$0.128 for two years.
The proceeds will be used to fund the acquisition of natural gas assets in the Kansas Cherokee Basin and for general corporate purposes.
The company paid a finder's fee of C$60,287 in cash, 1,305,396 tranche A warrants and 1,305,396 tranche B warrants.
Admiral Bay Resources is an emerging unconventional gas production company based in Centennial, Colo.
Issuer: | Admiral Bay Resources, Inc.
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Issue: | Units of one share and one-half of a warrant
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Amount: | C$1,670,907
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Units: | 26,107,922
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Price: | C$0.064
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Warrants: | One-half warrant per unit
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Warrant expiration: | One year (tranche A); two years (tranche B)
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Warrant strike price: | C$0.09 (tranche A); C$0.128 (tranche B)
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Settlement date: | May 15 (for C$192,000); June 8 (for C$1,478,907)
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Stock symbol: | TSX Venture: ADB
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Stock price: | C$0.09 at close June 5
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