By Sheri Kasprzak
New York, Nov. 2 - MetalCorp Ltd. said it has arranged a private placement of flow-through shares and units for up to C$2 million.
The company intends to sell up to 3.75 million flow-through shares at C$0.40 each and up to 1.25 million units at C$0.40 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.50 each for 18 months.
Research Capital Corp. is the placement agent and has an over-allotment option for up to 2.5 million additional flow-through shares.
Proceeds from the offering, which is slated to close on Nov. 23, will be used for working capital and general corporate purposes. Proceeds from the flow-through shares will be used for exploration on the company's Canadian properties.
Based in Thunder Bay, Ont., MetalCorp is a mineral exploration company.
| Issuer: | MetalCorp Ltd.
|
| Issue: | Flow-through shares and units of one share and one warrant
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| Amount: | C$2 million (maximum)
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| Placement agent: | Research Capital Corp.
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 23
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| Stock price: | C$0.3653 at close Nov. 1
|
|
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| Flow-through shares
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| Shares: | 3.75 million (maximum)
|
| Greenshoe: | 2.50 million flow-through shares
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| Price: | C$0.40
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| Warrants: | No
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|
|
| Units
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| Units: | 1.25 million (maximum)
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.50
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