By Sheri Kasprzak
New York, Feb. 2 - Franconia Minerals Corp. said it plans to raise C$1 million in a non-brokered private placement.
The offering includes up to 5 million units at C$0.20 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.30 each for 18 months.
The expiry of the warrants will be accelerated to 15 days if the company's stock trades above C$0.60 for more than 15 consecutive trading days.
Proceeds will be used for exploration on the company's Birch Lake copper-nickel-platinum group metals project in Minnesota as well as exploration on the company's other properties. The rest of the proceeds will be used for general corporate purposes.
Based in Spokane, Wash., Franconia is a mineral exploration company.
| Issuer: | Franconia Minerals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.30
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 2
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| Stock symbol: | TSX Venture: FRA
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| Stock price: | C$0.29 at close Feb. 2
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