Non-brokered offering funds exploration; shares sold at C$0.30 apiece
By Tali Rackner
Norfolk, Va., July 13 – Callinex Mines Inc. is planning a non-brokered private placement in two parts, one for units and the other for flow-through shares, according to a press release.
In one tranche, the company plans to sell up to 5 million units at a price of C$0.30 each for total proceeds of up to C$1.5 million. Each unit will consist of one common share and one half-share purchase warrant with each whole warrant exercisable at C$0.45 per share for two years.
The second component will be for up to 5 million common shares issued on a flow-through basis at a price of C$0.30 per share for proceeds of up to C$1.5 million.
The per-share price is in line with the C$0.30 closing level of the company’s stock on July 10 while the warrant strike price reflects a 50% premium.
Proceeds will go toward ongoing exploration for copper-zinc rich VMS deposits in the Flin Flon Greenstone Belt and for general working capital purposes.
Callinex is a base metals exploration company based in Vancouver, B.C.
| Issuer: | Callinex Mines Inc.
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| Issue: | Units of one common share and a half-share warrant, flow-through common shares
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| Amount: | Up to C$3 million
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| Agent: | Non-brokered
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| Pricing date: | July 13
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| Settlement date: | July 27
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| Stock symbol: | TSX Venture: CNX
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| Stock price: | C$0.30 at close on July 10
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| Market capitalization: | C$12.21 million
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| Units
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| Amount: | Up to C$1.5 million
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| Units: | Up to 5 million
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.45
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| Flow-through shares
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| Amount: | Up to C$1.5 million
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| Shares: | Up to 10 million
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| Price: | C$0.30
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