Union Securities helps in selling two types of units at C$0.50 each
By Devika Patel
Knoxville, Tenn., Dec. 20 - Explor Resources Inc. said it settled the first tranche of a private placement of units. The C$2 million deal priced with a C$1 million greenshoe on Dec. 6 and raised C$2.92 million in the first tranche. The remainder of the greenshoe will be exercised in the second tranche, the company said.
In this tranche, the company sold 2,796,000 flow-through units at C$0.50 apiece for C$1.4 million. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company also sold 3,038,000 units at C$0.50 apiece for C$1.52 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.
Union Securities is the agent.
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$2,917,000 (including C$917,000 greenshoe)
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Union Securities
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.50 at close Dec. 3
|
| Market capitalization: | C$57.21 million
|
|
|
| Units
|
| Amount: | C$1,519,000
|
| Units: | 3,038,000
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$1,398,000
|
| Units: | 2,796,000
|
| Warrants: | One half-share warrant per unit
|
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