Company offers two types of units to finance its exploration programs
By Devika Patel
Knoxville, Tenn., Aug. 15 - Excalibur Resources Ltd. said it raised C$578,000 in the first tranche of a C$1 million non-brokered private placement of units. The deal priced May 18 and was revised on July 15.
The company is selling flow-through units of one common share and one warrant at C$0.10 per unit and units of one common share and one warrant at C$0.10 per unit.
In this tranche, the company sold 5.78 million units.
Each whole two-year warrant will be exercisable at C$0.15 in the first year and at C$0.20 in the second year. The strike prices reflect 36.36% and 81.82% premiums to the May 17 closing share price of C$0.11.
The units originally were priced at C$0.15 apiece, with the two-year warrants exercisable at C$0.25 in the first year and at C$0.30 in the second year.
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.
|
| 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$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | May 18
|
| Amended: | July 15
|
| Settlement date: | Aug. 15 (for C$578,000)
|
| Stock symbol: | CNSX: XBR
|
| Stock price: | C$0.11 at close May 18
|
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