By Devika Patel
Knoxville, Tenn., Sept. 17 - Canadian Shield Resources Inc. announced it plans a non-brokered private placement of units for C$1 million.
The company will sell 1.25 million units of one common share and one warrant at C$0.80 per unit. Each warrant will be exercisable at C$1.20 for two years. The warrant is callable if the company's shares close at C$1.60 or above for 10 consecutive trading days.
Proceeds will be used for drilling and analytical analysis at the Colpayoc Property and the La Estrella Property, a geochemical survey of the Pampa Poroma Property, a magnetics survey of the Ccello Ccello Property and working capital and general corporate purposes.
Toronto-based Canadian Shield is a base and precious metals exploration and development company.
| Issuer: | Canadian Shield Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 1.25 million
|
| Price: | C$0.80
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: EXP
|
| Stock price: | C$0.85 at close Sept. 17
|
| Market capitalization: | C$2.47 million
|
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