By Sheri Kasprzak
Atlanta, April 20 - Vena Resources Inc. said it has raised an additional C$730,000 in a private placement, bringing to C$4.23 million the proceeds raised in the offering.
The company sold 1,569,892.47 units. Half of the shares were sold at C$0.45 each and half were sold at C$0.48 each for a blended price of C$0.465.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$0.65 each for the C$0.45 units and C$0.60 each for the C$0.48 units, exercisable for 18 months. The blended exercise price of the warrants is C$0.625.
The offering was first announced March 2 as a C$2 million deal.
On March 23, the company closed a C$3.5 million tranche of the deal.
Based in Toronto, Vena is a mineral exploration company. The company plans to use the proceeds from the deal for a pre-feasibility study on its Azulcocha poly-metallic mine; to drill targets, confirm historical resources and increase Azulcocha's tonnage; complete the second phase of a drilling campaign on the Azulcocha project; fast track its exploration on its Tantar gold project; conduct ground geophysics and phase I drilling on its Las Princesas property; and launch field confirmation campaigns on three uranium zones in Peru.
Issuer: | Vena Resources Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$730,000
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Units: | 1,569,892.47
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Price: | C$0.465 (half at C$0.45 and half at C$0.48)
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.625 (half at C$0.65 and half at C$0.60)
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Settlement date: | April 20
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Stock price: | C$0.42 at close April 20
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