By Devika Patel
Knoxville, Tenn., March 20 - Metanor Resources Inc. said it completed a C$12.18 million private placement of units. The deal priced for C$12 million with a C$6 million greenshoe on March 5.
The company sold 24,354,800 units of one common share and one half-share warrant at C$0.50 apiece. Of the units sold, 354,800 were part of the partially exercised greenshoe.
The whole warrants are exercisable at C$0.65 for two years.
Northern Securities Inc. was the lead agent.
Proceeds will be used to fund a work program for the rehabilitation and improvement of the surface infrastructure of the company's Bachelor Mine.
Metanor is a mining exploration company based in Val d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$12,177,400, including C$177,400 greenshoe
|
| Units: | 24,354,800, including 354,800 units in greenshoe
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Northern Securities Inc. (lead)
|
| Pricing date: | March 5
|
| Settlement date: | March 20
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.56 at close March 4
|
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