Deal sells common shares along with half-share warrants to Aruntani
By Devika Patel
Knoxville, Tenn., May 1 – Indico Resources Ltd. announced it plans a C$3 million private placement of units with Aruntani SAC.
The company will sell 40 million units of one common share and one half-share warrant at C$0.075 per unit.
The whole warrants will each be exercisable at C$0.10 for two years. The strike price reflects a 233.33% premium to the April 30 closing share price of C$0.03.
Proceeds will be used to make property payments that were due on April 20.
Indico is a resource exploration company based in Vancouver, B.C.
| Issuer: | Indico Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 40 million
|
| Price: | C$0.075
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Investor: | Aruntani SAC
|
| Pricing date: | May 1
|
| Stock symbol: | TSX Venture: IDI
|
| Stock price: | C$0.03 at close April 30
|
| Market capitalization: | C$200,990
|
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