Iron ore explorer raises funds for exploration on Block 103 Project
By Devika Patel
Knoxville, Tenn., Sept. 27 - Cap-Ex Ventures Ltd. said it raised C$3.5 million in the first tranche of a C$4.5 million non-brokered private placement of stock and units. The deal priced on Sept. 17 and has a greenshoe of an additional C$1.5 million of shares and C$2 million of units.
The company is selling 10 million flow-through common shares at C$0.35 per share and 3,125,000 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.
Cap-Ex sold 10 million shares in the first tranche. The price per flow-through common share represents a 10.26% discount to the Sept. 14 closing share price.
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.
| Issue: | Cap-Ex Ventures Ltd.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$4.5 million
|
| Greenshoe: | C$3.5 million
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: CEV
|
| Stock price: | C$0.39 at close Sept. 14
|
| Market capitalization: | C$18.39 million
|
|
|
| Flow-through shares
|
| Amount: | C$3.5 million
|
| Shares: | 10 million
|
| Price | C$0.35
|
| Warrants: | No
|
| Settlement date: | Sept. 27
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 3,125,000
|
| 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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