Module Resources plans private placement for up to C$5 million

By Sheri Kasprzak

New York, May 9 - Module Resources Inc. said it intends to price a C$5 million offering of subscription receipts.

Up to C$4 million of the offering will be from flow-through share subscription receipts.

The rest will be offered in common stock unit subscription receipts.

The units consist of one share and one half-share warrant. The full warrants are exercisable for 18 months.

The pricing terms have not been set.

M Partners Inc. is the placement agent.

Proceeds will be used for exploration on the company's Carolin mine project and for working capital.

Vancouver, B.C.-based Module is a gold exploration company.

On Wednesday, the stock gave up 5.5 cents, or 18.03%, to close at C$0.25 (TSX Venture: MLE).

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