By Laura Lutz
Des Moines, Aug. 8 - First Factor Developments Inc. closed a private placement of units for C$1.125 million.
The company sold 2.5 million units of one share and one half-share warrant at C$0.45 per unit. Each whole warrant will be exercisable for two years, at C$0.75 in the first year and at C$1.00 thereafter.
The placement was non-brokered.
Proceeds will be used for exploration, mineral property acquisitions and general corporate purposes.
Vancouver, B.C.-based First Factor just completed a change of business and is now operating as a mineral exploration company. The company's shares began trading on the TSX Venture Exchange under the symbol "FFD" on Wednesday.
First Factor plans to change its name to Millrock Resources Inc. later this month.
| Issuer: | First Factor Developments Inc
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.125 million
|
| Units: | 2.5 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75 in the first year; C$1.00 in the second year
|
| Agent: | Non-brokered
|
| Settlement date: | Aug. 7
|
| Stock symbol: | TSX Venture: FFD
|
| Stock price: | C$0.50 at close Aug. 8
|
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