By Sheri Kasprzak
New York, Oct. 28 - International Alliance Resources Inc. said it has negotiated a C$1 million private placement.
The company intends to sell 16,666,666 pre-consolidation units at C$0.06 each.
The units include one share and one warrant. The warrants allow for the purchase of another share at C$0.10.
International Alliance announced on Oct. 21 that it was consolidating its share capital.
Proceeds from the offering will be used for debt repayment and working capital.
Based in Vancouver, B.C., International Alliance is a mineral exploration company.
| Issuer: | International Alliance Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1 million
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| Units: | 16,666,666
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| Price: | C$0.06
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Oct. 27
|
| Stock price: | C$0.08 at close Oct. 27
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