Proceeds to fund exploration at Athabasca, general working capital
By Toni Weeks
San Luis Obispo, Calif., Feb. 25 - Noka Resources Inc. brought in C$536,000 in the oversubscribed second tranche of a non-brokered private placement of units that raised C$1,133,500.
The company announced on Jan. 14 that it would sell up to C$500,000 units of one common share and one warrant at C$0.10 per unit, then upsized the deal to C$1.1 million on Feb. 6 and announced the closing of the C$597,500 oversubscribed first tranche on the same day.
Each two-year warrant is exercisable at C$0.20 per share, a 66.67% premium to the C$0.12 closing share price on Jan. 13.
Proceeds will be used for further exploration on Noka's Athabasca Basin uranium properties and for general working capital.
The Vancouver, B.C.-based junior exploration company focuses on uranium in the Athabasca Basin in northern Saskatchewan.
| Issuer: | Noka Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,133,500
|
| Units: | 11,335,000
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 14
|
| Upsized: | Feb. 6
|
| Settlement dates: | Feb. 6 (for C$597,500), Feb. 25 (for C$536,000)
|
| Stock symbol: | TSX Venture: NX
|
| Stock price: | C$0.12 at close Jan. 13
|
| Market capitalization: | C$4.2 million
|
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