Iron ore explorer raises funds for exploration on Block 103 Project
By Devika Patel
Knoxville, Tenn., Nov. 20 - Cap-Ex Ventures Ltd. said it raised C$740,000 in the third tranche of a C$5.6 million non-brokered private placement of stock and units. The deal priced for C$4.5 million with a greenshoe of an additional C$1.5 million of shares and C$2 million of units on Sept. 17. The company raised C$3.5 million on Sept. 27 and C$1.36 million on Oct. 12.
Cap-Ex sold 13,294,498 flow-through common shares at C$0.35 per share and 2,966,942 units of one common share and one-half share warrant at C$0.32 per unit.
Each whole warrant is exercisable at C$0.40 for two years. The strike price is a 2.56% premium to the closing share price of C$0.39 on Sept. 14. The price per flow-through common share represents a 10.26% discount to the Sept. 14 closing share price.
The company sold 10 million shares in the first tranche. It sold 1,180,213 shares and 2,966,942 units in the second tranche and 2,114,285 shares in the third tranche.
Proceeds will be used for exploration on the Block 103 Project in western Labrador and for general corporate purposes.
Cap-Ex is an iron ore exploration company based in Vancouver, B.C.
| Issuer: | Cap-Ex Ventures Ltd.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$5,602,496
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Settlement dates: | Sept. 27 (for C$3.5 million) Oct. 12 (for C$1,362,496), Nov. 20 (for C$740,000)
|
| Stock symbol: | TSX Venture: CEV
|
| Stock price: | C$0.39 at close Sept. 14
|
| Market capitalization: | C$20.79 million
|
|
|
| Flow-through shares
|
| Amount: | C$4,653,074
|
| Shares: | 13,294,498
|
| Price | C$0.35
|
| Warrants: | No
|
| Settlement date: | Sept. 27
|
|
|
| Units
|
| Amount: | C$949,421
|
| Units: | 2,966,942
|
| Price: | C$0.32
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
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