Offering conducted with investors from company's previous placement
By Devika Patel
Knoxville, Tenn., May 3 - Explor Resources Inc. said it will raise C$5.06 million in a private placement of units with investors from its December 2009 placement.
The company will sell 6,752,233 units at C$0.75 apiece. Each unit consists of one common share and one half-share warrant, with each warrant exercisable at C$1.00 for one year. The strike price reflects a 29.87% premium to the May 2 closing share price of C$0.77.
Settlement is expected on May 27.
Explor is a resource exploration company based in Rouyn-Noranda, Quebec.
| Issuer: | Explor Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,064,175
|
| Units: | 6,752,233
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
| Pricing date: | May 3
|
| Settlement date: | May 27
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.77 at close May 2
|
| Market capitalization: | C$81.76 million
|
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