By Sheri Kasprzak
New York, March 20 - First Narrows Resources Corp. said it priced a C$2.9 million private placement.
The deal includes up to 16,562,500 non flow-through units at C$0.16 each and 1.25 million flow-through units at C$0.20 each.
The non flow-through units consist of one share and one half-share warrant, with each whole warrant exercisable at C$0.30 for two years.
The flow-through units are comprised of one share and one half-share warrant, with each whole warrant exercisable at C$0.35 for two years.
Proceeds from the non flow-through units will be used for exploration on the company's New Brunswick properties and for general corporate purposes. The proceeds from the flow-through units will be used for exploration on the New Brunswick properties as well.
Based in Vancouver, B.C., First Narrows is a mineral exploration company focused on gold and base metals.
| Issuer: | First Narrows Resources Corp.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$2.9 million (maximum)
|
| Pricing date: | March 20
|
| Stock symbol: | TSX Venture: UNO
|
| Stock price: | C$0.15 at close March 17
|
|
|
| Flow-through units
|
| Units: | 1.25 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
|
|
| Non flow-through units
|
| Units: | 16,562,500 (maximum)
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
