By Sheri Kasprzak
New York, Oct. 7 - Full Metal Minerals Ltd. said it has negotiated a private placement for $2.5 million.
The company plans to sell 3,125,000 units at C$0.80 each.
The units are composed of one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for two years.
The expiry of the warrants may be accelerated during the second year of the term if the company's stock trades above C$1.50 for more than 20 consecutive trading days.
Underwriter Canaccord Capital Corp. has an over-allotment option for up to 625,000 additional units.
Separately, Full Metal is conducting a non-brokered offering for up to C$400,000.
That deal includes 500,000 units under the same terms as the brokered financing.
Proceeds will be used for exploration on the company's Lucky Shot gold project in Alaska and for working capital.
Based in Vancouver, B.C., Full Metal is a mineral exploration company.
| Issuer: | Full Metal Minerals Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.5 million
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| Units: | 3,125,000
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| Greenshoe: | 625,000 units
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| Price: | C$0.80
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
|
| Underwriter: | Canaccord Capital Corp.
|
| Pricing date: | Oct. 7
|
| Stock price: | C$0.80 at close Oct. 6
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