By Laura Lutz
Des Moines, June 22 - Namex Explorations Inc. negotiated a private placement of units for C$1.5 million.
The company plans to sell units at C$0.70 apiece.
Each unit consists of one non flow-through share, one flow-through share and one warrant. Each warrant will be exercisable for one non flow-through share at C$0.42 for 18 months.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares exceeds C$0.60 for 10 consecutive trading days at any time more than four months after issuance.
Northern Securities Inc. is the agent.
Proceeds will be used for exploration, working capital and general corporate purposes.
Settlement is expected on June 29.
Namex is a mineral exploration company based in Montreal.
| Issuer: | Namex Explorations Inc.
|
| Issue: | Units of one non flow-through share, one flow-through share and one warrant
|
| Amount: | C$1.5 million
|
| Price: | C$0.70
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.42
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | June 22
|
| Settlement date: | June 29
|
| Stock symbol: | TSX Venture: NME
|
| Stock price: | C$0.345 at close June 22
|
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