By Devika Patel
Knoxville, Tenn., July 24 - First Narrows Resources Corp. said it will raise C$1 million in a non-brokered private placement of units.
The company will sell up to 6,363,637 units at C$0.11 apiece for C$700,000 and up to 2 million flow-through units at C$0.15 apiece for C$300,000.
Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$0.22 for two years.
Each flow-through unit consists of one flow-through common share and a half-share warrant. The whole warrants are exercisable at C$0.30 for two years.
Proceeds will be used for exploration and general corporate purposes.
First Narrows is a Vancouver, B.C.-based mineral exploration company.
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Units of one common share and a warrant, flow-through units of one flow-through common share and a warrant
|
| Amount: | C$1,000,000.07
|
| Agent: | Non-brokered
|
| Pricing date: | July 24
|
| Stock symbol: | TSX Venture: UNO
|
| Stock price: | C$0.09 at close July 23
|
|
|
| Units
|
| Amount: | C$700,000.07
|
| Units: | 6,363,637
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.22
|
|
|
| Flow-through units
|
| Amount: | C$300,000
|
| Units: | 2 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
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