By Laura Lutz
Des Moines, Nov. 2 - Franconia Minerals Corp. announced a private placement of units for up to C$6 million.
The company plans to sell units of one share and one half-share warrant at C$1.45 per unit. Each whole warrant will be exercisable at C$1.85 for 18 months.
Expiry of the warrants may be accelerated to 15 days if the weighted average price of company's shares is at least C$3.00 for 15 consecutive trading days.
Proceeds will be used for drilling at the company's Red Knoll, Ariz., copper target, a pre-feasibility study on its Maturi-Birch Lake combined operation and for general corporate purposes.
The deal will be non-brokered.
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$1.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.85
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: FRA
|
| Stock price: | C$1.35 at close Nov. 2
|
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