Company sells 20 million units of shares, warrants at C$0.10 per unit
By Devika Patel
Knoxville, Tenn., Sept. 29 – Mazorro Resources Inc. said it raised C$501,300 in the initial tranche of a C$2 million private placement of units. Jones, Gable & Co. Ltd. is the agent for the deal, which priced for between C$500,000 and C$2 million on July 16.
The company is selling up to 20 million units of one common share and one warrant at C$0.10 per unit. It sold 5,013,000 units in the first tranche.
The warrants will be exercisable at C$0.15 for two years. The strike price is a 34.62% premium to the July 15 closing share price of C$0.09.
President and chief executive officer Andre Audet, chief financial officer John McNeice and director Dean Hanisch participated.
Proceeds will be used for general working capital purposes and the company’s planned acquisition of 8816301 Canada Inc.
The gold, copper and silver explorer is based in Ottawa.
| Issuer: | Mazorro Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million (maximum)
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| Price: | C$0.10
|
| 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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| Agent: | Jones, Gable & Co. Ltd.
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| Investors: | Andre Audet, John McNeice and Dean Hanisch
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| Pricing date: | July 16
|
| Settlement date: | Sept. 29 (for C$501,300)
|
| Stock symbol: | CNSX: MZO
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| Stock price: | C$0.09 at close July 15
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