By Devika Patel
Knoxville, Tenn., April 20 - Norex Exploration Services Inc. said it plans a C$3.8 million non-brokered private placement of shares.
The company has entered into a term sheet with ARC Energy Venture Fund 4 for the indirect issuance of $3 million of common shares and has received requests from Ravenswood Management Co., LLC and some officers and directors of Norex for an additional $795,000 of common shares.
The company will sell 15.18 million shares at C$0.25 per share.
Norex will issue warrants to ARC for no consideration. ARC will then exercise those warrants at C$0.25 apiece to purchase its shares.
Settlement is expected May 15.
Calgary, Alta.-based Norex provides two-dimensional and three-dimensional seismic data services to the mineral exploration sector.
| Issuer: | Norex Exploration Services Inc.
|
| Issue: | Shares
|
| Amount: | C$3,795,000
|
| Shares: | 15.18 million
|
| Price: | C$0.25
|
| Agent: | Non-brokered
|
| Investor: | ARC Energy Venture Fund 4 (for C$3 million)
|
| Pricing date: | April 19
|
| Settlement date: | May 15
|
| Stock symbol: | Toronto: NRX
|
| Stock price: | C$0.25 at close April 17
|
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