Non-brokered offering is to finance exploration and corporate purposes
By Devika Patel
Knoxville, Tenn., May 21 - Canterra Minerals Corp. said it will raise C$2 million in a non-brokered private placement of stock and units.
The company will sell 10 million flow-through common shares at C$0.10 apiece and 14,285,714 units of one common share and a half-share warrant at C$0.07 per unit.
Each whole two-year warrant is exercisable at C$0.10.
The price per share represents a 42.86% premium to C$0.07, the May 20 closing share price. The warrant strike price is also a 42.86% premium to that price.
Proceeds will be used for property acquisitions, exploration and general corporate purposes.
Canterra is a diamond, base metals and uranium explorer in Vancouver, B.C.
| Issuer: | Canterra Minerals Corp.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Agent: | Non-brokered
|
| Pricing date: | May 21
|
| Stock symbol: | TSX Venture: CTM
|
| Stock price: | C$0.07 at close May 20
|
| Market capitalization: | C$3.24 million
|
|
|
| Shares
|
| Amount: | C$1 million
|
| Shares: | 10 million
|
| Price: | C$0.10
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 14,285,714
|
| Price: | C$0.07
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
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