By Devika Patel
Knoxville, Tenn., Jan. 11 - Freewest Resources Canada Inc. plans a C$2.1 million private placement of units.
The company will sell 7 million units at C$0.30 each. The units consist of one common share and one half-share warrant with each whole warrant exercisable at C$0.40 for one year.
PowerOne Capital Markets Ltd. is the agent and will be paid a 7% fee in cash or shares and a warrant to purchase a number of units equal to 10% of the number of units sold. The broker warrant will be exercisable at C$0.30 for one year. These units will have the same terms as those sold in the deal.
Settlement is expected on Jan. 24.
Proceeds will be used for exploration, working capital and general corporate purposes.
Montreal-based Freewest is a mineral exploration company focused on gold, base metals and uranium.
| Issuer: | Freewest Resources Canada Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.1 million
|
| Units: | 7 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | PowerOne Capital Markets Ltd.
|
| Fees: | 7% in cash or shares, 10% warrant
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 24
|
| Stock symbol: | TSX Venture: FWR
|
| Stock price: | C$0.43 at close Jan. 10
|
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