Non-brokered deal raises cash for exploration of Nevada gold projects
By Devika Patel
Knoxville, Tenn., Sept. 20 - ICN Resources Ltd. said it plans a C$4.2 million non-brokered private placement of stock.
The company will sell 14 million common shares at C$0.30 apiece, a 6.25% discount to the Sept. 17 closing share price of C$0.32.
Proceeds will be used for exploration of the company's Nevada gold projects and for general working capital purposes.
ICN Resources is based in Vancouver, B.C. and explores for volcanic-hosted precious metal deposits in western Nevada, emphasizing targets with geological similarities to Sleeper, Hollister, Midas and Aurora in Nevada and El Peņon in Chile.
| Issuer: | ICN Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$4.2 million
|
| Shares: | 14 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 20
|
| Stock symbol: | TSX Venture: ICN
|
| Stock price: | C$0.32 at close Sept. 17
|
| Market capitalization: | C$8.98 million
|
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