Non-brokered deal sells units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Nov. 27 - First Point Minerals Corp. said it raised C$1.58 million in its non-brokered private placement of units. The deal priced for C$1 million on Nov. 12 and was increased to C$1.5 million on Nov. 19, when the offering raised C$895,540 in the first tranche.
The company sold a total of 9,316,406 units of one common share and a half-share warrant at C$0.17 per unit. It sold 5,267,881 units in the initial tranche.
Each whole warrant is exercisable at C$0.25 for three years. The strike price is a 38.89% premium to the Nov. 11 closing share price of C$0.18.
Proceeds will be used for exploration.
Based in Vancouver, B.C., First Point is a precious and base metals exploration company.
| Issuer: | First Point Minerals Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,583,789
|
| Units: | 9,316,406
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 12
|
| Upsized: | Nov. 19
|
| Settlement date: | Nov. 19 (for C$895,540), Nov. 27
|
| Stock symbol: | Toronto: FPX
|
| Stock price: | C$0.18 at close Nov. 11
|
| Market capitalization: | C$14.38 million
|
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