Non-brokered offering finances exploration of the Rio Zarza project
By Devika Patel
Knoxville, Tenn., March 9 - Ecometals Ltd. said it settled an initial C$432,920 tranche of a C$2 million non-brokered private placement of units. The deal priced Feb. 16.
The company is selling 20 million units of one common share and one warrant at C$0.10 per unit. It sold 4,329,200 units in the first tranche.
Each warrant will be exercisable at C$0.16 for 18 months. The strike price represents a 60% premium to C$0.10, the Feb. 15 closing share price.
Settlement of a second tranche is expected March 21.
Proceeds will be used for exploration on the Rio Zarza project and general corporate purposes.
Based in Toronto, Ecometals is a manganese, gold and iron ore exploration and development company.
Issuer: | Ecometals Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 20 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.16
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Agent: | Non-brokered
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Pricing date: | Feb. 16
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Settlement dates: | March 9 (for C$432,920), March 21
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Stock symbol: | TSX Venture: EC
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Stock price: | C$0.155 at close Feb. 15
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Market capitalization: | C$7.23 million
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