By Laura Lutz
Des Moines, April 13 - Franconia Minerals Corp. completed its private placement of units for C$11,736,403.20.
The company sold 7,335,252 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 may be accelerated to 15 days if the weighted average price of the company's shares is at least C$2.40 for 15 consecutive trading days beginning on April 13, 2009.
The deal priced on April 11 as an offering of units for up to C$13 million and at least C$11 million.
Proceeds will be used for a pre-feasibility study on the company's Maturi-Birch Lake combined operation, for other exploration and for general corporate purposes.
Franconia is a mineral exploration company based in Spokane, Wash.
| Issuer: | Franconia Minerals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$11,736,403.20
|
| Units: | 7,335,252
|
| Price: | C$1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.92
|
| Pricing date: | April 11
|
| Settlement date: | April 13
|
| Stock symbol: | TSX Venture: FRA
|
| Stock price: | C$1.70 at close April 11
|
| Stock price: | C$1.80 at close April 13
|
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