By Devika Patel
Knoxville, Tenn., Nov. 24 - Metanor Resources Inc. said it arranged a C$4.02 million private placement of units. Laurentian Bank Securities Inc. is the agent.
The company will sell 4 million flow-through units at C$0.58 apiece. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company also will sell 3.4 million ordinary units at C$0.50 apiece. Each ordinary unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.65 for two years.
Settlement is expected on Dec. 11.
Proceeds will be used to increase and upgrade mineral resources on the Barry property, advance development activities at Bachelor properties and Bachelor Lake Mine and for general corporate purposes.
Metanor is a mining exploration company based in Val d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, ordinary units of one common share and one half-share warrant
|
| Amount: | C$4.02 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Laurentian Bank Securities Inc.
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 11
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.53 at close Nov. 23
|
| Market capitalization: | C$52.9 million
|
|
|
| Flow-through units
|
| Amount: | C$2.32 million
|
| Units: | 4 million
|
| Price: | C$0.58
|
|
|
| Ordinary units
|
| Amount: | C$1.7 million
|
| Units: | 3.4 million
|
| Price: | C$0.50
|
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