Company offers two types of units to finance its exploration programs
By Devika Patel
Knoxville, Tenn., May 18 - Excalibur Resources Ltd. said it plans a C$1 million non-brokered private placement of units.
The company will sell 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.
Each whole two-year warrant will be exercisable at C$0.25 in the first year and at C$0.30 in the second year. The strike prices reflect 127.27% and 172.73% premiums to the May 17 closing share price of C$0.11.
Proceeds will be used to further the company's exploration programs on the Silver King Property, the Sturgeon Lake Property and the Catanava gold production project in Mexico, as well as for general working capital.
The precious and base metals mining company is based in Vancouver, B.C.
Issuer: | Excalibur Resources Ltd.
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Issue: | Flow-through units of one flow-through common share and one warrant, units of one common share and one warrant
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Amount: | C$1 million
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Price: | C$0.15
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25 in the first year, C$0.30 in the second year
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Agent: | Non-brokered
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Pricing date: | May 18
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Stock symbol: | CNSX: XBR
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Stock price: | C$0.11 at close May 18
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