Offering's proceeds slated to finance drill program, working capital
By Devika Patel
Knoxville, Tenn., April 4 - Hunter Bay Minerals plc said it raised C$107,000 in the third tranche of a C$1.25 million private placement of units. The deal priced for C$1 million Jan. 3 and raised C$500,000 on Jan. 15 and C$500,000 on March 21. The placement was increased on March 19.
The company is selling 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, 5 million units in the second tranche and 1.07 million units in the third tranche. The first-tranche warrants will expire on July 10, 2013. The second-tranche warrants will expire on Sept. 19, 2013, and the third-tranche warrants will expire on Oct. 2, 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
|
| Issue: | Units of one ordinary share and a warrant
|
| Amount: | C$1.25 million
|
| Units: | 12.5 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | July 10, 2013
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Jan. 3
|
| Upsized: | March 19
|
| Settlement date: | Jan. 15 (for C$500,000), March 21 (for C$500,000), April 4 (for C$107,000)
|
| Stock symbol: | TSX Venture: HBY
|
| Stock price: | C$0.10 at close Jan. 2
|
| Market capitalization: | C$2.62 million
|
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