By Laura Lutz
Des Moines, March 13 - Melkior Resources Inc. closed a first tranche of its previously announced private placement of units for C$1,460,800. The company also upsized the total planned offering to C$1.98 million from C$1.76 million.
In the first tranche, the company sold 3.32 million units at C$0.44 each.
The complete placement is now expected to include 4.5 million units, up from 4 million when the deal priced on Feb. 26.
Each unit consists of one share and one half-share warrant. The whole warrants are exercisable at C$0.60 each for 18 months.
The expiry of the warrants may be accelerated to 25 days if the company's stock trades above C$0.80 for more than 20 consecutive trading days.
Proceeds will be used for exploration on the company's uranium properties.
Ottawa-based Melkior is a uranium, gold and nickel exploration company.
Issuer: | Melkior Resources Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1.98 million
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Units: | 4.5 million
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Price: | C$0.44
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.60
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Placement agent: | Non-brokered
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Pricing date: | Feb. 26
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Upsized: | March 13
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Settlement date: | March 13 (for C$1.46 million)
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Stock symbol: | TSX Venture: MKR
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Stock price: | C$0.48 at close Feb. 26
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Stock price: | C$0.475 at close March 12
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