Offering proceeds intended to finance working capital and exploration
By Devika Patel
Knoxville, Tenn., April 4 - Hunter Bay Minerals plc said it increased a private placement of units to $4.65 million. The deal priced for $3.6 million on March 3.
The company will sell 15.5 million units at $0.30 apiece. Each unit consists of one common share and a half-share warrant. Each whole, two-year warrant is exercisable at $0.60 in the first year and at $0.75 in the second.
Proceeds will be used for Hunter Bay's exploration programs as well as for general working capital and corporate purposes.
Based in London, Hunter Bay explores for gold.
| Issuer: | Hunter Bay Minerals plc
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $4.65 million
|
| Units: | 15.5 million
|
| Price: | $0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.60 in the first year, $0.75 in the second
|
| Pricing date: | March 3
|
| Upsized: | April 4
|
| Stock symbol: | TSX Venture: HBY
|
| Stock price: | C$0.33 at close March 2
|
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