By Sheri Kasprzak
Atlanta, Oct. 21 - First Narrows Resources Corp. said Thursday it has increased the size of its private placement of units to C$1,003,925 from C$750,000.
The deal now consists of 4,965,545 units, up from 3.81 million.
The flow-through units are priced at C$0.25 and each common share unit is priced at C$0.175.
The flow-through units consist of one flow-through share and one common share purchase warrant. The warrants, good for two years, allow for the purchase of one share at C$0.35 for the first year and C$0.45 for the second.
The common share units consist of one non-flow-through share and one common share purchase warrant, good for two years, priced at C$0.25 for the first year and C$0.35 for the second.
Placement agent Pacific International Securities Inc. will place up to 1 million flow-through units and 1.995 million common share units. At the same time, First Narrows will place 799,400 flow-through units and 1,171,145 common share units on a non-brokered basis.
Proceeds from the sale of the flow-through units will be used for exploration in the company's Bathurst, New Brunswick properties. The proceeds from the common share units will be used for general corporate purposes.
Based in Vancouver, B.C., First Narrows is a mineral exploration company.
| Issuer: | First Narrows Resources Corp.
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| Issue: | Units of flow-through and common shares
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| Amount: | C$1,003,925
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| Placement agent: | Pacific International Securities Inc. will place 1 million flow-through units and 1.995 million common share units.
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| Announcement date: | Oct. 20
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| Stock price: | C$0.20 at close Oct. 20
|
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| Common share units
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| Shares: | 1.995 million common share units
|
| Price: | C$0.175
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25 for the first year, C$0.35 for the second
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| Flow-through units
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| Shares: | 4,965,545
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| Price: | C$0.25
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| Warrants: | One common share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35 for the first year, C$0.45 for the second
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