By Sheri Kasprzak
New York, Sept. 29 - Maple Minerals Corp. said it has arranged a private placement for up to C$4 million.
The company plans to sell 1.6 million units at C$2.50 each to Sprott Asset Management Inc.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$3.25 each for one year.
Proceeds will be used for exploration on the company's properties and for general corporate purposes.
In other news, Maple announced that its president, L.M. (Gino) Falzone, has resigned.
Based in Toronto, Maple is a mineral exploration company.
| Issuer: | Maple Minerals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4 million (maximum)
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| Units: | 1.6 million (maximum)
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| Price: | C$2.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$3.25
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| Investor: | Sprott Asset Management Inc.
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| Pricing date: | Sept. 29
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| Stock price: | C$2.84 at close Sept. 29
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