By Devika Patel
Knoxville, Tenn., Nov. 13 - Explor Resources Inc. said it raised C$2.23 million in a private placement of units. The deal priced on Oct. 25 for C$1.05 million with a C$500,000 greenshoe.
The company sold 2,978,500 flow-through units at C$0.35 each and 3,378,643 non flow-through units at the same price. It originally intended to sell only 1.5 million of each type of unit.
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. was the agent. It received compensation options to purchase up to 635,714 units at C$0.35 per unit for two years. Explor also paid Union Securities C$178,000.
Proceeds will be used for exploration expenses on the company's mining properties in Ontario and Quebec.
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$2,225,000
|
| Agent: | Union Securities Ltd.
|
| Fees: | Compensation options to purchase up to 635,714 units, C$178,000
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 13
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.39 at close Oct. 24
|
|
|
| Flow-through units
|
| Units: | 2,978,500
|
| 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: | 3,378,643
|
| Price: | C$0.35
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
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