By Laura Lutz
Des Moines, April 23 - Franconia Minerals Corp. plans to conduct a private placement of units for up to C$6 million.
The company intends 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 15 consecutive trading days at any time two years after settlement.
Proceeds of the non-brokered placement will be used for exploration and work on the company's projects 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$6 million
|
| Price: | C$1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$1.92
|
| Agent: | Non-brokered
|
| Pricing date: | April 23
|
| Stock symbol: | TSX Venture: FRA
|
| Stock price: | C$1.78 at close April 20
|
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