Non-brokered offering sells 8,571,428 equity units at C$0.35 per unit
By Devika Patel
Knoxville, Tenn., Feb. 1 - Taipan Resources Inc. said it plans a C$3 million non-brokered private placement of units on Thursday. Insiders intend to participate.
The company will sell 8,571,428 units of one common share and one warrant at C$0.35 per unit.
Each five-year warrant is exercisable at C$0.50, which is a 31.58% premium to the Jan. 30 closing share price of $0.38.
Proceeds will be used for exploration expenditures and general working capital purposes.
Vancouver, B.C.-based Taipan Resources explores for oil and gas.
| Issuer: | Taipan Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 8,571,428
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 31
|
| Stock symbol: | TSX Venture: TPN
|
| Stock price: | C$0.38 at close Jan. 30
|
| Market capitalization: | C$26.46 million
|
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