By Devika Patel
Knoxville, Tenn., July 13 - Cue Resources Ltd. said it has completed the first tranche of a non-brokered private placement of units for C$1.01 million. The deal priced for C$2.1 million on May 7 and was amended to C$2 million on June 23.
Cue is selling 20 million units of one common share and one warrant at C$0.10 per unit. It sold 10,102,000 units in this tranche. Each warrant will be exercisable at C$0.15 for two years.
Proceeds will be used for general working capital purposes.
Vancouver, B.C.-based Cue Resources is a resource exploration company.
Issuer: | Cue Resources Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 20 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | May 7
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Amended: | June 23
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Settlement date: | July 13 (for C$1,010,200)
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Stock symbol: | TSX Venture: CUE
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Stock price: | C$0.18 at close May 7
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Market capitalization: | C$3.5 million
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