Deal offers 10 million units of one common share, one one-year warrant
By Devika Patel
Knoxville, Tenn., April 22 - Inlet Resources Ltd. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.15 per unit.
Each warrant is exercisable at C$0.25 for one year. The strike price reflects a 78.57% premium to the April 21 closing share price of C$0.14.
The company also said it has agreed to acquire all of Citation Resources Inc.'s outstanding shares. Citation shareholders will receive half an Inlet share for each Citation share held.
Proceeds will be used for exploration and development of the Biricu Project.
The zinc, lead and silver explorer is based in Vancouver, B.C.
| Issuer: | Inlet Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | April 22
|
| Stock symbol: | TSX Venture: INL
|
| Stock price: | C$0.14 at close April 21
|
| Market capitalization: | C$3.23 million
|
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