By Sheri Kasprzak
Atlanta, March 11 - Metanor Resources Inc. said it plans to raise C$4.5 million in a private placement of units.
The offering includes up to 7.5 million units at C$0.60 each. The units are comprised of one share and one warrant.
The warrants allow for an additional share at C$0.85 for 18 months.
Hythe Securities Ltd. is the placement agent in the deal, which is expected to close March 28.
In other news, the company has completed the first closing of a separate C$4.5 million private placement. Metanor has received C$410,980 in proceeds from the offering so far from European investors. The deal is being conducted under the same terms as the second offering announced Friday. An additional closing is expected to take place March 24.
Based in Val-D'Or, Quebec, Metanor is a diamond exploration company. It plans to use the proceeds from the deal to pay the balance of the purchase price of its Bachelor Lake property, for the development of the property and for working capital.
| Issuer: | Metanor Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$4.5 million (maximum)
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| Units: | 7.5 million (maximum)
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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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| Pricing date: | March 11
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| Settlement date: | March 28
|
| Stock price: | C$0.75 at close March 10
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