By Devika Patel
Knoxville, Tenn., March 18 - Formation Metals Inc. said it has arranged an C$8.63 million non-brokered private placement of units.
The company will sell 5.75 million units of one common share and one half-share warrant at C$1.50 per unit. The whole warrants are exercisable at C$2.00 each for two years.
Settlement is expected April 30.
Proceeds will be used for general corporate purposes and for working capital.
Formation is a Vancouver, B.C.-based metals mining and refining company.
| Issuer: | Formation Metals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$8,625,000
|
| Units: | 5.75 million
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | March 18
|
| Settlement date: | April 30
|
| Stock symbol: | Toronto: FCO
|
| Stock price: | C$1.49 at close March 17
|
| Market capitalization: | C$49.7 million
|
© 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.
