By Laura Lutz
Des Moines, May 31 - Indicator Minerals Inc. negotiated a private placement of units for up to C$3.5 million.
The company plans to sell up to 5 million flow-through units at C$0.70 each.
Each unit consists of one flow-through share and one half-share transferable non flow-through warrant. Each whole warrant will be exercisable at C$1.25 for 18 months.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares exceeds C$2.25 for 20 consecutive trading days at least four months after settlement of the placement.
Pacific International Securities Inc., the agent, has a greenshoe for up to 1 million additional flow-through units.
Proceeds will be used for exploration.
Indicator is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Indicator Minerals Inc.
|
| Issue: | Units of one flow-through share and one half-share transferable non flow-through warrant
|
| Amount: | C$3.5 million
|
| Units: | 5 million
|
| Greenshoe: | For 1 million units
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
| Agent: | Pacific International Securities Inc.
|
| Pricing date: | May 31
|
| Stock symbol: | TSX Venture: IME
|
| Stock price: | C$0.60 at close May 31
|
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