By Laura Lutz
Des Moines, March 13 - International Barytex Resources Ltd. plans to complete a non-brokered private placement of units for up to C$5.25 million.
The company intends to sell up to 7 million units of one share and one warrant at C$0.75 per unit. Each warrant will be exercisable for two years, at C$1.25 in the first year and at C$1.50 in the second year.
Expiry of the warrants may be accelerated if the company's shares closes above a threshold price for 20 consecutive trading days at any time more than four months after settlement. The threshold price will be C$1.40 during the first year and C$2.00 during the second year.
Proceeds will be used for a feasibility study on the company's copper project in the Democratic Republic of Congo, for working capital and for general corporate purposes.
Vancouver, B.C.-based International Barytex is a mineral exploration company.
Issuer: | International Barytex Resources Ltd.
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Issue: | Units of one share and one warrant
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Amount: | C$5.25 million
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Units: | 7 million
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Price: | C$0.75
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.25 in the first year; C$1.50 in the second year
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Agent: | Non-brokered
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Pricing date: | March 13
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Stock symbol: | TSX Venture: IBX
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Stock price: | C$0.75 at close March 12
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