By Laura Lutz
Des Moines, March 15 - Navasota Resources Ltd. arranged a private placement of units for up to C$1.2 million.
The company plans to sell up to 6 million units of one share and one half-share non-transferable warrant at C$0.20 per unit. Each whole warrant will be exercisable at C$0.30 for one year.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's common shares is at least C$0.50 for 20 consecutive trading days at any time more than four months after closing.
Proceeds from the non-brokered deal will be used for exploration of the company's properties and for working capital.
Navasota is a resource exploration company based in Vancouver, B.C.
| Issuer: | Navasota Resources Ltd.
|
| Issue: | Units of one share and one half-share non-transferable warrant
|
| Amount: | C$1.2 million
|
| Units: | 6 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | March 15
|
| Stock symbol: | TSX Venture: NAV
|
| Stock price: | C$0.195 at close March 15
|
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