By Devika Patel
Knoxville, Tenn., Dec. 10 - East West Resource Corp. announced it has raised C$2.5 million in a private placement of units. The deal priced on Oct. 31.
The company sold 13,333,334 units at C$0.15 per unit for C$2 million. Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$0.17.
The company also sold 2,941,176 flow-through units at C$0.17 per unit for C$500,000. Each unit consists of one flow-through common share and one half-share warrant. Each whole warrant will be exercisable at C$0.22 for two years.
PowerOne Capital Markets Ltd. was the agent and was paid a C$200,000 cash commission, along with compensation options exercisable for 1,627,451 broker units at C$0.15 per unit. Each broker unit will have the same characteristics as the non flow-through units sold in the deal.
Proceeds will be used for exploration.
Based in Vancouver, B.C., East West is a gold and base metals exploration and development company.
| Issuer: | East West Resource Corp.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Agent: | PowerOne Capital Markets Ltd.
|
| Fees: | C$200,000, options for 1,627,451 units
|
| Pricing date: | Oct. 31
|
| Settlement date: | Dec. 10
|
| Stock symbol: | TSX Venture: EWR
|
| Stock price: | C$0.15 at close Oct. 31
|
|
|
| Units
|
| Amount: | C$2 million
|
| Units: | 13,333,334
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.17
|
|
|
| Flow-through units
|
| Amount: | C$500,000
|
| Units: | 2,941,176
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.22
|
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