By Devika Patel
Knoxville, Tenn., Dec. 17 - First Metals Inc. said it has arranged a C$3.08 million private placement of units.
The company will sell 2.8 million units at C$1.10 apiece. The units consist of one flow-through common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$1.75 for the first year and at C$2.00 thereafter.
Insiders have subscribed for C$220,000, the MineralFields Group has agreed to invest C$2 million and MTAX 2007 (No.2) Mineral LP bought C$600,000 of the units.
Proceeds will be used for drilling.
Toronto-based First Metals is copper, gold, silver and zinc exploration company.
| Issuer: | First Metals Inc.
|
| Issue: | Units of one flow-through common share and one half share warrant
|
| Amount: | C$3.08 million
|
| Units: | 2.8 million
|
| Price: | C$1.10
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75 in the first year, C$2.00 thereafter
|
| Investors: | MineralFields Group (for C$2 million), MTAX 2007 (No.2) Mineral LP (for C$600,000)
|
| Pricing date: | Dec. 17
|
| Stock symbol: | Toronto: FMA
|
| Stock price: | C$0.91 at close Dec. 14
|
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