By Devika Patel
Knoxville, Tenn., March 24 - Quaterra Resources Inc. said it has arranged a $12.8 million non-brokered private placement of units.
The company will sell 4 million units at $3.20 apiece. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at $4.20 for 18 months.
The warrants may expire sooner if Quaterra's shares close at $5.50 or higher for 15 consecutive trading days. If that happens, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used to fund exploration and drilling programs and for general corporate purposes.
Based in Vancouver, B.C., Quaterra acquires and explores mineral properties in the Americas.
| Issuer: | Quaterra Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $12.8 million
|
| Units: | 4 million
|
| Price: | $3.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $4.20
|
| Agent: | Non-brokered
|
| Pricing date: | March 24
|
| Stock symbol: | TSX Venture: QTA
|
| Stock price: | $3.21 at close March 20
|
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