By Sheri Kasprzak
New York, Aug. 5 - AfriOre Ltd. said it plans to raise up to C$4 million in a private placement of units.
The company will sell up to 2,666,666 units at C$1.50 each.
The units are comprised of one share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$1.85 each for two years. The expiry of the warrants may be accelerated to 30 days if the company's stock exceeds C$2.50 each for 20 consecutive trading days.
Placement agent Westwind Partners Inc. has an over-allotment option for up to 666,666 additional units.
The offering is expected to close Aug. 25.
Based in Tortola, British Virgin Islands, AfriOre is a gold and platinum exploration company with activities in Africa. The proceeds will be used for drilling and exploration on the Akanani Platinum project in South Africa and for general corporate purposes.
| Issuer: | AfriOre Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4 million
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| Units: | 2,666,666
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| Greenshoe: | For 666,666 units
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| Price: | C$1.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.85
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| Placement agent: | Westwind Partners Inc.
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| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 25
|
| Stock price: | C$1.56 at close Aug. 5
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