Proceeds slated for exploration, working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 6 - NQ Exploration Inc. said it will conduct a C$1.08 million private placement of units on a best-efforts basis. Industrial Alliance Securities Inc., the agent, has a 15% greenshoe.
The company will sell up to C$560,000 of flow-through units, which consist of 10,500 flow-through common shares, 3,500 common shares and 3,500 warrants, at C$1,120 per unit. NQ also will sell C$520,000 of units, which consist of one common share and one half-share warrant, at C$0.065 per unit.
Each unit warrant will be exercisable at C$0.12 for two years. Each flow-through unit warrant will be exercisable at C$0.12 for one year. The strike price is an 84.62% premium to the Dec. 5 closing share price of C$0.065.
Settlement is expected Dec. 20.
Proceeds will be used for exploration, working capital and general corporate purposes.
Based in Laval, Quebec, NQ is a mining company.
| Issuer: | NQ Exploration Inc.
|
| Issue: | Flow-through units of 10,500 flow-through common shares, 3,500 common shares and 3,500 warrants, units of one common share and one half-share warrant
|
| Amount: | C$1.08 million
|
| Greenshoe: | 15%
|
| Warrant strike price: | C$0.12
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: NQE
|
| Stock price: | C$0.065 at close Dec. 5
|
| Market capitalization: | C$4.03 million
|
|
|
| Flow-through units
|
| Amount: | C$560,000
|
| Price: | C$1,120
|
| Warrants: | 3,500 warrants per unit
|
| Warrant expiration: | One year
|
|
|
| Units
|
| Amount: | C$520,000
|
| Price: | C$0.065
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
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