By Laura Lutz
Des Moines, Oct. 25 - Explor Resources Inc. negotiated a C$1.05 million private placement of units.
The company will sell up to 1.5 million flow-through units at C$0.35 each and 1.5 million non flow-through units at the same price.
Each flow-through unit consists of one flow-through share and one half-share warrant. Each non flow-through unit consists of one non flow-through share and one warrant.
Each whole warrant from either series of units will be exercisable for one non flow-through share at C$0.50 for two years.
Union Securities Ltd., the agent, has a greenshoe for up to C$500,000.
Explor is a resource exploration company based in Rouyn-Noranda, Quebec.
| Issuer: | Explor Resources Inc.
|
| Issue: | Units of one flow-through share and one half-share non flow-through warrant; units of one non flow-through share and one half-share non flow-through warrant
|
| Amount: | C$1.05 million
|
| Greenshoe: | C$500,000
|
| Agent: | Union Securities Ltd.
|
| Pricing date: | Oct. 25
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.39 at close Oct. 24
|
|
|
| Flow-through units
|
| Units: | 1.5 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
|
|
| Non flow-through units
|
| Units: | 1.5 million
|
| Price: | C$0.35
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
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