By Devika Patel
Knoxville, Tenn., Jan. 16 - Full Metal Minerals Ltd. said it has increased a non-brokered private placement of units to C$4.2 million. The deal priced for C$2.1 million on Dec. 8.
The company now plans to sell 28 million units at C$0.15 per unit, lifted from 14 million units. It originally wanted to sell up to 5.4 million units at C$0.75 each.
Each unit comprises one share and one half-share warrant. Each whole warrant remains exercisable at C$0.25 for two years.
Proceeds will be used for exploration and for general working capital.
Based in Vancouver, B.C., Full Metal is a mineral exploration company focused on properties in Alaska.
| Issuer: | Full Metal Minerals Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4.2 million
|
| Units: | 28 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 8
|
| Upsized: | Jan. 16
|
| Stock symbol: | TSX Venture: FMM
|
| Stock price: | C$0.18 at close Dec. 8
|
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