By Devika Patel
Knoxville, Tenn., April 24 - Murgor Resources Inc. said it has arranged a C$2.3 million private placement of shares and units.
The company will sell 2.6 million flow-through common shares at C$0.50 each for C$1.3 million and 2,631,578 units at C$0.38 apiece for C$1 million. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.60 for two years.
The warrants may expire sooner if the company's shares close at C$0.75 or higher for 20 consecutive trading days after a three-month hold period. If that occurs, the warrants will expire within 30 days.
Proceeds will be used on the company's properties in Manitoba and Saskatchewan and for working capital.
Murgor is a Montreal-based mineral exploration company with a focus on zinc, copper and gold.
| Issuer: | Murgor Resources Inc.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$2.3 million
|
| Pricing date: | April 24
|
| Stock symbol: | TSX Venture: MGR
|
| Stock price: | C$0.48 at close April 23
|
|
|
| Shares
|
| Amount: | C$1.3 million
|
| Shares: | 2.6 million
|
| Price: | C$0.50
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 2,631,578
|
| Price: | C$0.38
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
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