Proceeds used for exploration and development at Magusi River Project
By Devika Patel
Knoxville, Tenn., Dec. 2 - Mag Copper Ltd. said it settled a second tranche of a C$1.26 million non-brokered private placement of stock and units, raising C$100,000. The company took in C$1.16 million on Oct. 12.
In the first closing, the company sold 503,225 units of one common share and a half-share warrant at C$0.31 per unit and 2,871,000 flow-through common shares at C$0.35 per share. It sold 285,714 shares in the second tranche.
Each whole warrant is exercisable at C$0.40 for 18 months. The strike price of the warrants represents a 94.44% premium to the Oct. 11 closing share price of C$0.18; the price per flow-through share is a 122.22% premium to that price.
The units were sold in exchange for a debt settlement. Insiders acquired 277,419 units.
Proceeds will be used for exploration and development work at the Magusi River Project and general working capital purposes.
Mag Copper is a Toronto copper and gold explorer.
| Issuer: | Mag Copper Ltd.
|
| Issue: | Units of one common share and a half-share warrant; flow-through common shares
|
| Amount: | C$1,260,850
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 12 (for C$$1,160,850), Dec. 2 (for C$100,000)
|
| Stock symbol: | CNSX: QUE
|
| Stock price: | C$0.18 at close Oct. 11
|
|
|
| Units
|
| Amount: | C$156,000
|
| Units: | 503,225
|
| Price: | C$0.31
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
|
|
| Flow-through shares
|
| Amount: | C$1,104,850
|
| Shares: | 3,156,714
|
| Price: | C$0.35
|
| Warrants: | No
|
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