By Devika Patel
Knoxville, Tenn., Feb. 3 - North Atlantic Resources Ltd. said it plans a private placement of units for between C$600,000 and C$1.35 million.
The company will sell between 4 million and 9 million units of one common share and one warrant at C$0.15 per unit.
Each warrant is exercisable at C$0.25 for 18 months.
Proceeds will be used for exploration and development of the company's gold exploration projects in Mali and for general corporate purposes.
North Atlantic is a resource exploration company based in Toronto.
| Issuer: | North Atlantic Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$600,000 (minimum), C$1.35 million (maximum)
|
| Units: | 4 million (minimum), 9 million (maximum)
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Feb. 3
|
| Stock symbol: | TSX Venture: NAC
|
| Stock price: | C$0.16 at close Feb. 2
|
| Market capitalization: | C$4.88 million
|
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