By Sheri Kasprzak
Atlanta, Dec. 16 - Northern Sun Exploration Co. Inc. said Thursday it closed a private placement for C$6.65 million.
The company sold 6.55 million non flow-through units at C$0.50 each and 6,136,364 flow-through units at C$0.55 each.
The non flow-through units are comprised of one share and one two-year warrant. The warrants allow for an additional share at C$0.65 for the first year and C$0.85 for the second.
The flow-through units include one flow-through share and one two-year warrant. The warrants allow for an additional share at C$0.65 for the first year and C$0.85 for the second.
The offering was first announced Nov. 18 as a C$5 million deal comprised of 4 million non flow-through units at C$0.50 and up to 5,454,546 flow-through units at C$0.55.
On Dec. 7, the deal was upsized to C$7 million and was comprised of 6,363,636 non flow-through units at C$0.55 each and 7 million flow-through units at C$0.55 each.
Based in Vancouver, B.C., Northern Sun is a petroleum and natural gas exploration company. It plans to use the proceeds from the offering to fund its exploration program on its joint-venture properties with the Kapawe'no First Nation in Alberta. The company will also use some of the funds for general working capital.
| Issuer: | Northern Sun Exploration Co. Inc.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$6.65 million
|
| Placement agent: | PowerOne Capital Markets Ltd.
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| Announcement date: | Nov. 18
|
| Settlement date: | Dec. 16
|
| Stock price: | C$0.50 at close Nov. 18
|
| Stock price: | C$0.50 at close Dec. 16
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one flow-through share and one warrant
|
| Shares: | 6,136,364
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 for the first year; C$0.85 for the second year
|
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| Non flow-through units
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| Issue: | Non flow-through units of one share and one warrant
|
| Shares: | 6.55 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 for the first year; C$0.85 for the second year
|
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