Offering raises funds for drilling, exploration at Lapaska property
By Devika Patel
Knoxville, Tenn., Dec. 30 - Mazorro Resources Inc. said it completed a private placement of stock and units. The deal priced for C$1 million on Dec. 16 and was increased to C$1.2 million on Dec. 21. The offering took in C$1.61 million.
The company sold 8,408,333 flow-through common shares at C$0.15 per share. The price per share is a 15.39% premium to the Dec. 15 closing share price of C$0.13.
The issuer also sold 2,916,666 units of one common share and one half-share warrant at C$0.12 per unit. The whole warrants are exercisable at C$0.20 until Dec. 30, 2012. The strike price reflects a 53.85% premium to the Dec. 15 closing share price.
Proceeds will be used for drilling and other exploration costs at the Lapaska property in Quebec.
The gold, copper and silver explorer is based in Ottawa.
| Issuer: | Mazorro Resources Inc.
|
| Issue: | Flow-through common stock, units of one common share and one half-share warrant
|
| Amount: | C$1,611,250
|
| Pricing date: | Dec. 16
|
| Upsized: | Dec. 21
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: MZO
|
| Stock price: | C$0.14 at close Dec. 16
|
| Market capitalization: | C$4.57 million
|
|
|
| Shares
|
| Amount: | C$1,261,250
|
| Shares: | 8,408,333
|
| Price: | C$0.15
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$350,000
|
| Shares: | 2,916,666
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 30, 2012
|
| Warrant strike price: | C$0.20
|
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