Offering's proceeds slated to finance drill program, working capital
By Toni Weeks
San Diego, Aug. 22 - Hunter Bay Minerals plc said it has amended the terms of its C$2 million private placement of units.
The company will still sell 10 million units at C$0.20 per unit, but each unit will now consist of one ordinary share and one warrant. The company originally said the units would consist of one share and one half-share warrant.
Each warrant is now exercisable at C$0.20 for six months. The strike price is a 2.56% premium to the Aug. 20 closing share price of C$0.195. When the company priced the deal on June 22, the strike price was set at C$0.40, and the warrants were exercisable for 18 months.
Proceeds will be used for Hunter Bay's drill program on its Sela Creek Project as well as for general working capital and corporate purposes.
Based in London, Hunter Bay explores for gold.
Issuer: | Hunter Bay Minerals plc
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Issue: | Units of one ordinary share and one warrant
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Amount: | C$2 million
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Units: | 10 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Six months
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Warrant strike price: | C$0.20
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Pricing date: | June 22
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Amended: | Aug. 22
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Stock symbol: | Toronto: HBY
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Stock price: | C$0.195 at close Aug. 20
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Market capitalization: | C$9.86 million
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