By Devika Patel
Knoxville, Tenn., Oct. 26 - Ecometals Ltd. said it took in C$4.75 million in a non-brokered private placement of units.
The company sold 12,490,476 units of one common share and one half-share warrant at C$0.38 per unit. Each whole warrant will be exercisable at C$0.65 for two years.
Proceeds will be used to fund the Rio Zarza Project drilling costs, to fund the repayment of outstanding debt and for general corporate purposes.
Based in Toronto, Ecometals is a mineral exploration and development company.
| Issuer: | Ecometals Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,746,380
|
| Units: | 12,490,476
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 26
|
| Stock symbol: | TSX Venture: EC
|
| Stock price: | C$0.50 at close Oct. 26
|
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