Offering's proceeds slated to finance drill program, working capital
By Devika Patel
Knoxville, Tenn., March 19 - Hunter Bay Minerals plc said it increased a private placement of units to C$1.25 million from C$1 million. The deal priced Jan. 3 and raised C$500,000 on Jan. 15.
The company will now sell 12.5 million units of one ordinary share and a warrant at C$0.10 per unit. Each six-month warrant is exercisable at C$0.10, which is identical to the Jan. 2 closing share price.
The company sold 5 million units in the initial tranche. The first-tranche warrants will expire on July 10, 2013.
Proceeds will be used for the company'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 a warrant
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Amount: | C$1.25 million
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Units: | 12.5 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Six months (July 10, 2013 for first-tranche warrants)
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Warrant strike price: | C$0.10
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Pricing date: | Jan. 3
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Upsized: | March 19
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Settlement date: | Jan. 15 (for C$500,000)
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Stock symbol: | TSX Venture: HBY
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Stock price: | C$0.10 at close Jan. 2
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Market capitalization: | C$2.62 million
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