By Devika Patel
Knoxville, Tenn., Sept. 28 - First Narrows Resources Corp. announced it has raised C$1.72 million in the first tranche of a previously announced C$2 million non-brokered private placement of units.
In the first tranche, First Narrows sold 3,831,519 units.
As previously reported, the company will sell up to 4,444,444 units of one common share and one warrant, priced at C$0.45 per unit. Each warrant is exercisable at C$0.70 for two years
Proceeds will be used for exploration and for general corporate purposes.
First Narrows Resources is a Vancouver, B.C.-based mineral exploration company.
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million (total maximum); C$1,724,184 (first tranche)
|
| Units: | 4,444,444 (total maximum); 3,831,519 (first tranche)
|
| Price: | C$0.45
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 28 (first tranche)
|
| Stock symbol: | TSX Venture: UNO
|
| Stock price: | C$0.50 at close Sept. 18
|
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