By Laura Lutz
Des Moines, April 11 - Franconia Minerals Corp. arranged a brokered private placement of units for up to C$13 million and at least C$11 million.
The company plans to sell units of one share and one half-share warrant at C$1.60 per unit. Each whole warrant will be exercisable at C$1.92 for three years.
Expiry of the warrants will be accelerated to 15 days if the weighted average price of the company's shares is at least C$2.40 for the 15 consecutive trading days beginning on the second anniversary of issuance.
Proceeds will be used for drilling and exploration as well as for general corporate purposes.
Franconia is a mineral exploration company based in Spokane, Wash.
Issuer: | Franconia Minerals Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$13 million (maximum); C$11 million (minimum)
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Price: | C$1.60
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$1.92
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Pricing date: | April 11
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Stock symbol: | TSX Venture: FRA
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Stock price: | C$1.70 at close April 11
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