By Sheri Kasprzak
Atlanta, June 8 - First Narrows Resources Corp. said it plans to raise up to C$2,042,250 in two private placements.
In the first offering, a brokered deal, the company plans to sell up to 5.5 million flow-through units at C$0.18 each and up to 1.25 million non flow-through units at C$0.165 each.
The flow-through units are comprised of one flow-through share and one half-share warrant. The whole warrants allow for an additional non flow-through share at C$0.30 each for two years.
The non flow-through units include one non flow-through share and one half-share warrant, the whole of which is exercisable at C$0.30 each for two years.
Pacific International Securities Inc. is the placement agent in the brokered offering.
In the non-brokered offering, First Narrows plans to sell up to 1,125,000 flow-through units and 3.9 million non flow-through units under the same terms for proceeds of C$846,000.
Based in Vancouver, B.C., First Narrows is a mineral exploration company focused on gold and base metals. The proceeds from the flow-through offerings will be used for a drill evaluation of volcanogenic massive sulphide and gold targets on the company's Middle River and Chester properties. Proceeds form the non flow-through units will be used for general corporate purposes.
Brokered offering
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$1,196,250 (maximum)
|
| Placement agent: | Pacific International Securities Inc.
|
| Pricing date: | June 8
|
| Stock price: | C$0.16 at close June 7
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 5.5 million (maximum)
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Non flow-through units
|
| Issue: | Non flow-through units of one share and one half-share warrant
|
| Units: | 1.25 million
|
| Price: | C$0.165
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Non-brokered offering
|
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share
|
| Amount: | C$846,000 (maximum)
|
| Pricing date: | June 8
|
| Stock price: | C$0.16 at close June 7
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 1,125,000 (maximum)
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Non flow-through units
|
| Issue: | Non flow-through units of one share and one half-share warrant
|
| Units: | 3.9 million (maximum)
|
| Price: | C$0.165
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
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