Brokered best-efforts deal conducted by Industrial Alliance Securities
By Devika Patel
Knoxville, Tenn., May 2 - NQ Exploration Inc. announced it has settled an initial tranche of a C$2.28 million private placement of units, raising C$2.08 million. The oversubscribed deal is being conducted by Industrial Alliance Securities Inc. and priced for C$2 million April 11. A second closing of approximately C$201,000 is scheduled to close by May 19.
The company is selling units of one common share and one warrant at C$0.12 apiece and flow-through common shares at C$0.16 each on a best-efforts basis. NQ sold 3,593,750 flow-through shares and 12.5 million units in the first tranche.
Each warrant is exercisable at C$0.16 for two years.
The strike price and price per share are an 18.52% premium to C$0.135, the April 8 closing share price.
Proceeds will be used for exploration and general working capital.
Based in Laval, Quebec, NQ is a mining company.
| Issuer: | NQ Exploration Inc.
|
| Issue: | Units of one common share and one warrant, flow-through common shares
|
| Amount: | C$2,276,000 (approximate)
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | April 11
|
| Settlement dates: | May 2 (for C$2,075,000) May 19 (for about C$201,000)
|
| Stock symbol: | TSX Venture: NQE
|
| Stock price: | C$0.135 at close April 8
|
| Market capitalization: | C$6.08 million
|
|
|
| Units
|
| Units | 12.5 million (in first tranche)
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.16
|
|
|
| Flow-through shares
|
| Shares: | 3,593,750 (in first tranche)
|
| Price: | C$0.16
|
| Warrants: | No
|
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