By Devika Patel
Knoxville, Tenn., March 5 - Metanor Resources Inc. said it settled a C$2.85 million non-brokered private placement of units.
The company sold 5.7 million units at C$0.50 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.65 for two years.
Proceeds will be used for exploration and general corporate purposes.
Metanor is a mining exploration company based in Val d'Or, Quebec.
Issuer: | Metanor Resources Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2.85 million
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Units: | 5.7 million
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.65
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Agent: | Non-brokered
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Settlement date: | March 5
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Stock symbol: | TSX Venture: MTO
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Stock price: | C$0.475 at close March 4
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Market capitalization: | C$51.3 million
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