By Sheri Kasprzak
New York, April 19 - Dynamite Resources Ltd. said it negotiated a non-brokered private placement for up to C$1.3 million.
The company plans to sell up to 5 million non flow-through and flow-through units at C$0.26 each.
The units consist of one share and one warrant. Each warrant is exercisable at C$0.335 for two years.
At least half of the units will be comprised of non flow-through shares.
The deal is expected to close May 1.
Proceeds will be used for exploration on the company's Mike Lake gold property and for general corporate purposes.
Vancouver, B.C.-based Dynamite is a gold exploration company.
| Issuer: | Dynamite Resources Ltd.
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| Issue: | Flow-through and non flow-through units of one share and one warrant
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| Amount: | C$1.3 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$0.26
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.335
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| Placement agent: | Non-brokered
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| Pricing date: | April 19
|
| Settlement date: | May 1
|
| Stock symbol: | TSX Venture: DNR
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| Stock price: | C$0.41 at close April 19
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