Non-brokered offering funds development of El Espino Project in Chile
By Devika Patel
Knoxville, Tenn., Feb. 22 - Explorator Resources Inc. said it has arranged a non-brokered private placement of units. It will raise C$5.2 million.
The company will sell 10 million units of one common share and three-quarters of a warrant at C$0.52 per unit. Each whole warrant is exercisable at C$0.65 for two years.
The strike price is a 20.37% premium to the Feb. 21 closing share price of C$0.54.
Proceeds will be used to develop the El Espino Project in Chile.
Explorator is a copper and gold mining company based in Toronto.
| Issuer: | Explorator Resources Inc.
|
| Issue: | Units of one common share and three-quarters of a warrant
|
| Amount: | C$5.2 million
|
| Units: | 10 million
|
| Price: | C$0.52
|
| Warrants: | Three-quarters of a warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Stock symbol: | TSX Venture: EXO
|
| Stock price: | C$0.54 at close Feb. 21
|
| Market capitalization: | C$40.04 million
|
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