By Devika Patel
Knoxville, Tenn., March 30 - Metanor Resources Inc. said it raised C$60,000 in the second tranche of a non-brokered private placement of units. The company raised C$2.85 million on March 5.
The company sold 5.7 million units at C$0.50 apiece in the first tranche and 120,000 units in the second. 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.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.45 million
|
| Units: | 5.82 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Settlement date: | March 5 (for C$2.85 million), March 30 (for C$60,000)
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.475 at close March 4
|
| Market capitalization: | C$60.3 million
|
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