By Sheri Kasprzak
Atlanta, June 16 - First Narrows Resources Corp. said it has upsized to C$2,075,249 its previously announced C$2,042,250 private placement.
The company will sell an additional 183,333 flow-through units at C$0.18 each, for a total of 5,683,333 units. The brokered portion of the offering also includes up to 1.25 million non flow-through units at C$0.165 each.
The only terms that have changed from the originally announced offering from June 8 are the number of flow-through units being sold. The company had initially planned to sell up to 5.5 million flow-through units.
The flow-through units include one flow-through share and one half-share warrant, exercisable in whole 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 also exercisable at C$0.30 each for two years.
Pacific International Securities Inc. is the placement agent in the brokered offering.
The company also plans to sell up to 1,125,000 flow-through units and up to 3.9 million non flow-through units under the same terms for proceeds of C$846,000 in a non-brokered offering.
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$1,229,249
|
| Placement agent: | Pacific International Securities Inc.
|
| Pricing date: | June 8
|
| Upsized: | June 15
|
| Stock price: | C$0.17 at close June 8
|
| Stock price: | C$0.175 at close June 15
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 5,683,333
|
| 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 warrant
|
| Amount: | C$846,000
|
| Pricing date: | June 8
|
| Stock price: | C$0.17 at close June 8
|
|
|
| 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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