Proceeds used for exploration of Kenyan property and working capital
By Devika Patel
Knoxville, Tenn., Oct. 27 - Linear Metals Corp. said it increased a non-brokered private placement of units to C$1.5 million from C$1 million. The deal priced Oct. 19.
The company will now sell 6 million units of one common share and one half-share warrant at C$0.25 per unit.
Each whole two-year warrant will be exercisable at C$0.35. The strike price reflects a 20.69% premium to the Oct. 18 closing share price of C$0.29.
Settlement is expected Oct. 28.
Proceeds will be used for exploration of the company's Kenyan property and working capital.
Linear Metals is a Halifax, N.S.-based resource exploration company.
| Issuer: | Linear Metals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 19
|
| Upsized: | Oct. 27
|
| Settlement date: | Oct. 28
|
| Stock symbol: | Toronto: LRM
|
| Stock price: | C$0.29 at close Oct. 18
|
| Market capitalization: | C$14.08 million
|
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