By Devika Patel
Knoxville, Tenn., Nov. 7 - Explor Resources Inc. said it raised C$800,000 in the first tranche of a C$2.5 million non-brokered private placement of units.
The company sold 4 million flow-through units at C$0.20 each. It plans to sell C$2 million of flow-through units and C$500,000 of non flow-through units at that 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$0.30 for two years.
Explor is a resource exploration company based in Rouyn-Noranda, Quebec.
Issuer: | Explor Resources Inc.
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Issue: | Units of one flow-through share and one half-share warrant; units of one non flow-through share and one warrant
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Amount: | C$2.5 million
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Nov. 7
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Settlement date: | Nov. 7 (for C$800,000)
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Stock symbol: | TSX Venture: EXS
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Stock price: | C$0.16 at close Nov. 7
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Flow-through units
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Amount: | C$2 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Non flow-through units
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Amount: | C$500,000
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Price: | C$0.20
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Warrants: | One per unit
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