Non-brokered sale of shares, one-year warrants funds working capital
By Devika Patel
Knoxville, Tenn., Sept. 27 - Northrock Resources Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 8 million units of one common share and one warrant at C$0.125 per unit. The warrants are each exercisable at C$0.165 for one year. The strike price reflects a 17.86% premium to the Sept. 26 closing share price of C$0.14.
Proceeds will be used for general working capital. The company also announced it has granted stock options for 690,000 shares to insiders. The options are exercisable at C$0.17 until Sept. 27, 2016.
Based in Vancouver, B.C., Northrock is a gold and base metal exploration company.
| Issuer: | Northrock Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 8 million
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.165
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Stock symbol: | TSX Venture: LTV
|
| Stock price: | C$0.17 at close Sept. 27
|
| Market capitalization: | C$2.1 million
|
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