By Devika Patel
Knoxville, Tenn., Sept. 30 - Clifton Star Resources Inc. said it settled a non-brokered private placement of units with MineralFields Group for C$6.5 million.
The deal priced on Sept. 15 for C$7 million and the company changed the terms of the warrants on Sept. 24. It amended the deal's terms a second time on Sept. 25.
The company sold 499,995flow-through units of one flow-through share and one warrant at C$3.00 per unit for C$1.5 million. Each warrant will be exercisable at C$3.30 for two years.
The company also raised C$5 million by selling 2,057,605 hard-dollar units of one share and one warrant at C$2.43 apiece.
Each of these warrants will be exercisable at C$2.85 for two years. The hard-dollar units' warrant strike price was C$2.70 at pricing.
The company originally had planned to sell 666,667 flow-through units for C$2 million and 1,968,503 hard dollar units at C$2.54 per unit for C$5 million.
Clifton Star is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Clifton Star Resources Inc.
|
| Issue: | Flow-through units of one flow-through share and one warrant; hard-dollar units of one share and one warrant
|
| Amount: | C$6,499,965.15
|
| Investor: | MineralFields Group
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 15
|
| Amended: | Sept. 24, Sept. 25
|
| Settlement date: | Sept. 30
|
| Stock symbol: | TSX Venture: CFO
|
| Stock price: | C$2.94 at close Sept. 15
|
|
|
| Flow-through units
|
| Amount: | C$1,499,985
|
| Units: | 499,995
|
| Price: | C$3.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.30
|
|
|
| Hard-dollar units
|
| Amount: | C$4,999,980.15
|
| Units: | 2,057,605
|
| Price: | C$2.43
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.85
|
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