Company offers two types of units to fund Sturgeon Lake drill program
By Devika Patel
Knoxville, Tenn., Dec. 21 - Excalibur Resources Ltd. said it completed the second tranche of a non-brokered private placement of units. The deal priced for C$1 million Nov. 23 and the company raised C$400,500 on Dec. 1; it raised C$127,500 in this tranche.
The company is selling flow-through units of one common share and one warrant at C$0.15 per unit. It also will sell units of one common share and one warrant at C$0.15 per unit.
It sold 2.67 million units in the initial tranche and 850,000 units in the second.
Each whole two-year warrant will be exercisable at C$0.25 in the first year and at C$0.30 thereafter. The strike prices reflect 108.33% and 150% premiums to the Nov. 22 closing share price of C$0.12.
Proceeds will be used for the company's winter drill program at the Sturgeon Lake Property in northwestern Ontario, the company's Catanava gold production project in Pinos Mexico, and general working capital needs.
The mining company is based in Vancouver, B.C.
| Issuer: | Excalibur Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, units of one common share and one warrant
|
| Amount: | C$1 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 in the first year, C$0.30 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 1 (for C$400,500), Dec. 21 (for C$127,500)
|
| Stock symbol: | CNSX: XBR
|
| Stock price: | C$0.12 at close Nov. 22
|
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