By Devika Patel
Knoxville, Tenn., Nov. 28 - Stratabound Minerals Corp. said it has settled the first tranche of a private placement of shares, raising C$681,875. The deal priced on Oct. 26 for C$1.13 million. The company also lowered the share prices and revised the terms of the sale.
According to Stratabound's secretary of treasury, Susan Stricker, the company now plans to raise C$1,135,000, which includes a 10% greenshoe. The company will raise this total by issuing a total of 2.75 million shares. Of those shares, 250,000 will be part of the greenshoe. The shares will be divided into a combination of flow-through shares priced at C$0.45 and common shares priced at C$0.375.
When the deal priced, the company said it planned to sell a total of 1.25 million shares at C$0.40 per share for C$500,000 and up to 1.25 million flow-through shares at C$0.50 per share for C$625,000.
In this tranche, Stratabound Minerals sold 1,036,466 common shares at C$0.375 each for C$388,675 and 651,555 flow-through shares at C$0.45 per share for C$293,200.
Stratabound said it expects to close the balance of this deal soon.
Emerging Equities Inc. was the agent and was paid a C$40,858 cash commission for this tranche.
Proceeds will be used for exploration and for general working capital.
Based in Calgary, Alta., Stratabound Minerals is a natural resource company exploring gold and base metal properties in northern New Brunswick and gold/base metal and diamond/gold prospects in central and northwest Quebec.
| Issuer: | Stratabound Minerals Corp.
|
| Issue: | Shares, flow-through shares
|
| Amount: | C$1,135,000 (including 10% greenshoe)
|
| Shares: | 2.5 million
|
| Greenshoe: | 250,000 shares
|
| Agent: | Emerging Equities Inc.
|
| Pricing date: | Oct. 26
|
| Revised: | Nov. 28
|
| Stock symbol: | TSX Venture: SB
|
| Stock price: | C$0.45 at close Oct. 26
|
|
|
| Shares
|
| Price: | C$0.375
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Price: | C$0.45
|
| Warrants: | No
|
|
|
| First tranche
|
| Amount: | C$681,875
|
| Fees: | C$40,858
|
| Settlement date: | Nov. 27
|
|
|
| Shares
|
| Amount: | C$388,675
|
| Shares: | 1,036,466
|
|
|
| Flow-through shares
|
| Amount: | C$293,200
|
| Shares: | 651,555
|
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