By Sheri Kasprzak
Atlanta, June 29 - Metanor Resources Inc. said it has completed the C$60,000 third and final tranche of an overall C$3,470,500 private placement.
In the most recent tranche, the company sold 100,000 units at C$0.60 each.
The units are comprised of one share and one warrant. The warrants allow for the purchase of an additional share at C$0.85 each through Dec. 28, 2006.
A European investor bought 50,000 units and Canadian investors bought the remainder of the units.
The first tranche of the deal was completed on April 19 for 565,000 units under the same terms, and the second tranche closed June 21 for 5,119,168 units under the same terms.
The offering was first announced March 11 as a C$4.5 million private placement of up to 7.5 million units.
Hythe Securities Ltd. was the placement agent.
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$3,470,500 (C$60,000 in final tranche)
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| Units: | 5,784,168 (final tranche for 100,000 units)
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| Price: | C$0.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | Dec. 28, 2006
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| Warrant strike price: | C$0.85
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| Placement agent: | Hythe Securities Ltd.
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| Pricing date: | March 11
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| Settlement date: | June 29
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| Stock price: | C$0.75 at close March 11
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| Stock price: | C$0.84 at close June 23 (last trade)
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