By Sheri Kasprzak
New York, Nov. 9 - Metanor Resources Inc. said it arranged a private placement for up to C$5 million and at least C$2 million.
The offering includes up to 8,333,333 units and at least 3,333,334 units at C$0.60 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.85 each for 18 months.
Desjardins Securities Inc. is the placement agent and has an over-allotment option for up to 15% of the units offered in the deal.
Proceeds will be used for exploration on the company's Bachelor Lake, Dubuisson, Opinaca and Wahnapitei properties.
Based in Val-d'Or, Quebec, Metanor is a mineral exploration company.
| Issuer: | Metanor Resources Inc.
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| Issue: | Units of one share and one warrant.
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| Amount: | C$5 million (maximum); C$2 million (minimum)
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| Units: | 8,333,333 (maximum); 3,333,334 (minimum)
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| Greenshoe: | For up to 15% of the units offered
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| Price: | C$0.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.85
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| Placement agent: | Desjardins Securities Inc.
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| Pricing date: | Nov. 9
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| Stock price: | C$0.60 at close Nov. 8
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