Non-brokered offering funds work on lithium/rare metals properties
By Devika Patel
Knoxville, Tenn., Nov. 22 - Canadian Orebodies Inc. said it settled an oversubscribed non-brokered private placement of units. The deal priced for C$750,000 on Oct. 26 and was increased to C$1 million on Nov. 17. The company raised C$1.14 million.
Canadian Orebodies sold 12,651,332 units of one common share and one half-share warrant at C$0.09 per unit.
Each whole warrant is exercisable at C$0.18 for two years. The strike price represents a 100% premium to the Oct. 25 closing share price of C$0.09.
Proceeds will be used to advance the company's lithium/rare metals properties and for general working capital purposes.
Based in Timmins, Ont., Canadian Orebodies is a junior natural resource exploration and development company.
| Issuer: | Canadian Orebodies Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,138,619
|
| Units: | 12,651,332
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Upsized: | Nov. 17
|
| Settlement date: | Nov. 22
|
| Stock symbol: | TSX Venture: CO
|
| Stock price: | C$0.09 at close Oct. 26
|
| Market capitalization: | C$5.69 million
|
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