Proceeds of non-brokered deal finance exploration of Hemlo property
By Devika Patel
Knoxville, Tenn., Aug. 18 – Canadian Orebodies Inc. said it raised C$3.35 million in the second and final tranche of a C$5.76 million non-brokered private placement of units. The “significantly oversubscribed” deal priced on July 28 and was increased to C$5.6 million from C$3 million on Aug. 12, when the company raised C$2.4 million in the first tranche.
The company sold 95,957,999 units of one common share and one half-share warrant at C$0.06 per unit. It sold 40,086,668 units in the initial tranche and 55,871,331 units in the second tranche.
Each whole warrant is exercisable at C$0.14 for 18 months.
Proceeds will be used for exploration and advancement of the Hemlo property and for general corporate 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$5,757,480
|
| Units: | 95,957,999
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.14
|
| Agent: | Non-brokered
|
| Pricing date: | July 28
|
| Upsized: | Aug. 12
|
| Settlement dates: | Aug. 12 (for C$2,405,200), Aug. 18 (for C$3,352,280)
|
| Stock symbol: | TSX Venture: CO
|
| Stock price: | C$0.01 at close July 27
|
| Market capitalization: | C$493,860
|
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