By Laura Lutz
Des Moines, Nov. 21 - Franconia Minerals Corp. completed a private placement of units for C$6,000,001.
The company sold 4,137,932 units of one share and one half-share warrant at C$1.45 per unit. Each whole warrant is exercisable at C$1.85 for 18 months.
Expiry of the warrants may be accelerated to 16 days if the weighted average price of the company's shares is at least C$3.00 for a period of 15 consecutive trading days beginning at least 120 days after the warrants are issued.
Proceeds will be used for drilling at the company's Red Knoll, Ariz., copper project; drilling and a pre-feasibility study at its Maturi-Birch Lake combined operation and general corporate purposes.
The deal was 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$6,000,001
|
| Units: | 4,137,932
|
| Price: | C$1.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.85
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 21
|
| Stock symbol: | TSX Venture: FRA
|
| Stock price: | C$1.35 at close Nov. 20
|
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