Non-brokered offering will finance Somine exploration project in Haiti
By Devika Patel
Knoxville, Tenn., Aug. 18 - Majescor Resources Inc. said it raised C$510,000 in the second tranche of a C$4 million non-brokered private placement of units. The deal, which priced for C$3 million July 14, was increased on Aug. 3, when the company took in C$3.39 million. There is a C$500,000 greenshoe.
The company is selling units of one common share and one half-share warrant at C$0.20 apiece. It sold 16.95 million units in the first tranche and 2.55 million units in the second. Insiders invested C$175,000.
Each whole warrant will be exercisable at C$0.35, a 59.09% premium to the July 13 closing share price of C$0.22. The warrants expire on July 28, 2013.
Proceeds will be used to advance the Somine exploration project in Haiti and for general working capital.
Based in Montreal, Majescor is a copper, gold and uranium exploration company.
| Issuer: | Majescor Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | C$500,000
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | July 28, 2013
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | July 14
|
| Upsized: | Aug. 3
|
| Settlement date: | Aug. 3 (for C$3.39 million), Aug. 18 (for C$510,000)
|
| Stock symbol: | TSX Venture: MJX
|
| Stock price: | C$0.22 at close July 13
|
| Market capitalization: | C$10.87 million
|
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