Non-brokered deal to fund exploration, mining at company's properties
By Toni Weeks
San Diego, July 13 - Strike Minerals Inc. said it has arranged a C$3 million non-brokered private placement of units.
The company will sell 10 million flow-through units of one flow-through common share and a half-share warrant at C$0.10 per unit and 23,529,412 units of one common share and one warrant at C$0.085 per unit on a best-efforts basis.
Each whole warrant is exercisable at C$0.12 for one year. The strike price is a 41.18% premium to the July 12 closing share price of C$0.085.
Proceeds will be used for the initial underground mining at the Edwards Mine project, surface exploration and drilling on the company's Schreiber property and general working capital.
Strike Minerals is a Toronto-based mineral explorer with a focus on gold.
| Issuer: | Strike Minerals Inc.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and one warrant
|
| Amount: | C$3 million
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | July 13
|
| Stock symbol: | TSX Venture: STK
|
| Stock price: | C$0.085 at close July 12
|
| Market capitalization: | C$8.67 million
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$2 million
|
| Units: | 23,529,412
|
| Price: | C$0.085
|
| Warrants: | One warrant per unit
|
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