By Sheri Kasprzak
New York, March 28 - Alturas Minerals Inc. has priced its previously announced C$4 million private placement, which is being conducted as part of the company's amalgamation with Iron Lake Minerals Inc.
Alturas plans to sell 18,604,651 special warrants at C$0.215 each.
The warrants are exchangeable for one unit of one share of the amalgamated company and one half-share warrant once the business combination is completed.
The whole warrants are exercisable at C$0.25 each for two years.
A syndicate of agents led by Paradigm Capital Inc. and including Dundee Securities Corp. has a greenshoe for up to C$2 million in special warrants.
The deal is expected to close March 31.
Proceeds will be used for exploration on the company's Peruvian gold and copper-gold properties and for working capital.
Based in Penetang, Ont., Alturas is a mineral exploration company.
| Issuer: | Alturas Minerals Inc.
|
| Issue: | Special warrants exchangeable for units of one share and one half-share warrant
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| Amount: | C$4 million
|
| Greenshoe: | For C$2 million
|
| Special warrants: | 18,604,651
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| Price: | C$0.215
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| Warrants: | One half-share warrant per unit upon exchange
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Placement agents: | Paradigm Capital Inc. (lead), Dundee Securities Corp.
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| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: ILM (for Iron Lake)
|
| Stock price: | C$0.285 at close March 28
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