By Laura Lutz
Washington, Jan. 25 - First Narrows Resources Corp. amended the terms of its previously announced private placement of units, which is now expected to raise up to C$1,640,625.
The company plans to sell up to 4,687,500 units of one share and one half-share warrant at C$0.35 per unit. Each whole warrant will be exercisable at C$0.47 for 18 months.
The placement priced on Jan. 17 as an offering of the same number of units at C$0.32 each, for total proceeds of up to C$1.5 million. The warrant strike price was originally set at C$0.45.
Proceeds will be used for exploration on the company's Chester project in New Brunswick and on its Susana D'oro project in Mexico as well as for general corporate purposes.
Pacific International Securities Inc. will act as agent.
First Narrows is a mineral exploration company based in Vancouver, B.C.
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,640,625
|
| Units: | 4,687,500
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.47
|
| Agent: | Pacific International Securities Inc.
|
| Pricing date: | Jan. 17
|
| Amended: | Jan. 25
|
| Stock symbol: | TSX Venture: UNO
|
| Stock price: | C$0.47 at close Jan. 17
|
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