By Devika Patel
Knoxville, Tenn., May 14 - Glass Earth Ltd. said it completed an initial tranche of a C$3 million non-brokered private placement of units, raising C$1.73 million. The offering priced on April 30.
The company is selling 15 million units of one common share and a warrant at C$0.20 apiece. It sold 8,667,500 units in this tranche.
Each warrant is exercisable at C$0.35 for two years.
Proceeds will be used for drilling four drill-ready targets in New Zealand, as well as for general purposes.
Based in Toronto, Glass Earth is a gold exploration company.
| Issuer: | Glass Earth Ltd.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$3 million
|
| Units: | 15 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | April 30
|
| Settlement date: | May 14 (for C$1,733,500)
|
| Stock symbol: | TSX Venture: GEL
|
| Stock price: | C$0.25 at close April 29
|
| Market capitalization: | C$33.3 million
|
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