By Sheri Kasprzak
New York, March 16 - Exall Resources Ltd. said it priced a brokered private placement for C$8.4 million and a non-brokered deal for C$2 million.
In the brokered offering, the company plans to sell 1.5 million flow-through shares at C$2.10 each and up to 3 million units at C$1.75 each.
Each unit includes one share and one half-share warrant. The whole warrants are exercisable at C$2.25 for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$3.00 for more than 20 consecutive trading days.
Dundee Securities Corp. and Dominick & Dominick Securities Inc. are the placement agents.
In the non-brokered deal, the company plans to sell 1,142,857 units at C$1.75 each. The units consist of one share and one half-share warrant with each whole warrant exercisable at C$2.25 each for one year.
Proceeds will be used for exploration on the company's Gold Eagle project and for working capital and general corporate purposes.
The two deals are expected to close March 29.
Exall, based in Toronto, is a gold exploration company.
First issue
| Issuer: | Exall Resources Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$8.4 million
|
| Placement agent: | Dundee Securities Corp. and Dominick & Dominick Securities Inc.
|
| Pricing date: | March 16
|
| Settlement date: | March 29
|
| Stock symbol: | Toronto: EXL
|
| Stock price: | C$1.90 at close March 15
|
|
|
| Flow-through shares
|
| Shares: | 1.5 million
|
| Price: | C$2.10
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 3 million
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.25
|
|
|
| Second issue
|
| Issuer: | Exall Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 1,142,857
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.25
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 16
|
| Settlement date: | March 29
|
| Stock symbol: | Toronto: EXL
|
| Stock price: | C$1.90 at close March 15
|
|
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