By Devika Patel
Knoxville, Tenn., July 26 - Darnley Bay Resources Ltd. said it plans a C$3 million private placement of units via agent Haywood Securities Inc. There is a C$1 million greenshoe.
The company will sell units at C$0.40 per unit. Each unit consists of one flow-through common share and one half-share warrant. The whole warrants are exercisable at C$0.45 for two years.
Proceeds will be used to incur flow-through expenditures at the company's base metals exploration assets.
Based in Toronto, Darnley Bay is a base metals and diamonds exploration and development company.
| Issuer: | Darnley Bay Resources Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$3 million
|
| Greenshoe: | C$1 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | July 26
|
| Stock symbol: | TSX Venture: DBL
|
| Stock price: | C$0.38 at close July 23
|
| Market capitalization: | C$36.75 million
|
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