By Devika Patel
Knoxville, Tenn., Nov. 30 - Explor Resources Inc. said it arranged a C$5 million private placement of units. There is a C$1 million greenshoe.
The company will sell 1,666,666 flow-through units at C$0.60 apiece for C$1 million. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company also will sell 7,272,727 units at C$0.55 apiece for C4 million. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.75 for two years.
M Partners and Union Securities are co-lead agents.
Explor is a resource exploration company based in Rouyn-Noranda, Quebec.
| Issuer: | Explor Resources Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Greenshoe: | C$1 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agents: | M Partners and Union Securities (co-leads)
|
| Pricing date: | Nov. 26
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.59 at close Nov. 26
|
| Market capitalization: | C$37.8 million
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 1,666,666
|
| Price: | C$0.60
|
|
|
| Units
|
| Amount: | C$4 million
|
| Units: | 7,272,727
|
| Price: | C$0.55
|
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