Industrial Alliance Securities was agent for sale of two types of unit
By Devika Patel
Knoxville, Tenn., March 7 - Metanor Resources Inc. said it settled the second tranche of a private placement of units on March 4. Industrial Alliance Securities Inc. was the agent for the C$16.23 million deal, which raised C$7.1 million on Feb. 18 and C$9.14 million in the latest closing.
The company sold 13,730,442 flow-through units of one flow-through common share and one half-share one-year warrant in the first tranche and 19,892,400 flow-through units in the second.
The company also sold 8,091,668 hard dollar units of one common share and one half-share two-year warrant in the first tranche and 7,914,000 hard dollar units in the second.
Each whole warrant is exercisable at C$0.40. The strike price reflects an 11.11% premium to the Feb. 17 closing share price of C$0.36.
Proceeds will be used for resource expenses and general working capital.
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, hard dollar units of one common share and one half-share warrant
|
| Amount: | C$16,233,466
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.40
|
| Agent: | Industrial Alliance Securities Inc.
|
| Settlement dates: | Feb. 18 (for C$7,095,850), March 4 (for C$9,137,616)
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.34 at close Feb. 18
|
| Market capitalization: | C$42.86 million
|
|
|
| Flow-through units
|
| Units: | 33,622,842
|
| Warrant expiration: | One year
|
|
|
| Hard dollar units
|
| Units: | 16,005,668
|
| Warrant expiration: | Two years
|
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