Two types of units sold to finance exploration, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 22 - Gespeg Copper Resources Inc. said it plans a C$1.75 million private placement of units. MGI Securities Inc. will conduct the deal on a best-efforts basis.
The company will sell 1,000 flow-through units of 3,200 flow-through shares, 1,000 common shares and 500 warrants at C$1,000.00 per unit. The whole warrants are exercisable at C$0.25 each for two years.
The company also will sell 750 non flow-through units of 5,000 common shares and 2,500 warrants at C$1,000.00 per unit.
The warrants are each exercisable at C$0.25 for two years. The warrant strike price is a 25% premium to the Oct. 19 closing share price of C$0.20.
Proceeds will be used for exploration and general working capital purposes.
The copper explorer is based in Saskatoon, Sask.
| Issuer: | Gespeg Copper Resources Inc.
|
| Issue: | Flow-through units of 3,200 flow through shares, 1,000 common shares and 500 warrants, non flow-through units of 5,000 common shares and 2,500 warrants
|
| Amount: | C$1.75 million
|
| Price: | C$1,000.00
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | MGI Securities Inc.
|
| Pricing date: | Oct. 22
|
| Stock symbol: | TSX Venture: GCR
|
| Stock price: | C$0.20 at close Oct. 19
|
| Market capitalization: | C$6.17 million
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 1,000
|
| Warrants: | 500 warrants per unit
|
|
|
| Non flow-through units
|
| Amount: | C$750,000
|
| Units: | 750
|
| Warrants: | 2,500 warrants per unit
|
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