By Devika Patel
Knoxville, Tenn., Jan. 3 - Matamec Explorations Inc. settled a private placement of units for C$1.13 million.
The company sold 5,665,920 flow-through units at C$0.20 apiece to the MineralFields Group.
Each unit consists of one flow-through share and one half-share warrant. Each whole warrant is exercisable for one non flow-through share for two years, at C$0.35 for the first year and at C$0.45 for the second year.
Matamec paid a 5% cash finder's fee to Limited Market Dealer of C$56,659 and issued a number of non-transferable warrants equal to 10% of the number of units sold. Each warrant is exercisable on the same terms as those sold in the offering.
Proceeds will be used for exploration.
Matamec is a mining exploration company based in Montreal.
| Issuer: | Matamec Explorations Inc.
|
| Issue: | Units of one flow-through share and one half-share warrant
|
| Amount: | C$1,133,184
|
| Units: | 5,665,920
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35 in the first year; C$0.45 in the second year
|
| Investor: | MineralFields Group
|
| Fees: | C$56,659, 10% in warrants
|
| Settlement date: | Jan. 3
|
| Stock symbol: | TSX Venture: MAT
|
| Stock price: | C$0.20 at close Jan. 2
|
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