Funds to be used for general working capital purposes and exploration
By Devika Patel
Knoxville, Tenn., June 16 – Mazorro Resources Inc. said it has arranged a private placement of units to raise between C$1 million and C$2 million.
The company will sell between 10 million and 20 million units of one common share and one warrant at C$0.10 per unit. The warrants are each exercisable at C$0.15 for two years. The strike price reflects a 114.29% premium to the June 13 closing share price of C$0.07.
Proceeds will be used for general working capital purposes, exploration and the company's planned diversification strategy. The company said its ability to continue operations is dependent upon this financing.
The gold, copper and silver explorer is based in Ottawa, Ont.
| Issuer: | Mazorro Resources Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million (minimum), C$2 million (maximum)
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| Units: | 10 million (minimum), 20 million (maximum)
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| Price: | C$0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.15
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| Pricing date: | June 16
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| Stock symbol: | TSX Venture: MZO
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| Stock price: | C$0.07 at close June 13
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| Market capitalization: | C$3.89 million
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