Union Securities to help in selling two types of units at C$0.50 each
By Devika Patel
Knoxville, Tenn., Dec. 6 - Explor Resources Inc. said it will complete a private placement of units. The C$2 million deal will be conducted by Union Securities and has a C$1 million greenshoe.
The company will sell 2 million flow-through units at C$0.50 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 2 million units at C$0.50 apiece for C$1 million. Each unit consists of one common share and one warrant.
Each whole warrant is exercisable at C$0.70 for two years. The strike price reflects a 40% premium to the Dec. 3 closing share price of C$0.50.
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 warrant
|
| Amount: | C$2 million
|
| Greenshoe: | C$1 million
|
| Price: | C$0.50
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Union Securities
|
| Pricing date: | Dec. 6
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.50 at close Dec. 3
|
| Market capitalization: | C$46.72 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Warrants: | One half-share warrant per unit
|
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