Deal oversubscribed; warrant strike price reflects 33.33% premium
By Susanna Moon
Chicago, Feb. 10 - Tarsis Resources Ltd. said it increased the non-brokered private placement of units to C$1.2 million after the deal was oversubscribed. The offering was announced Jan. 24.
The company will now sell 4.8 million units of one share and one half-share non-transferable warrant at C$0.25 per unit. Each warrant is exercisable for 18 months at C$0.40 per share.
The warrant strike price is a 33.33% premium to the company's closing price on Feb. 9.
Proceeds will be used for prospect generation efforts in the Yukon and elsewhere, early stage exploration work to upgrade projects and for general corporate purposes.
The deal "will close shortly," according to a company press release.
Tarsis is a zinc, copper, gold, silver and lead explorer based in Vancouver, B.C.
| Issuer: | Tarsis Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 4.8 million
|
| Price: | C$0.25
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 10
|
| Stock symbol: | Canada: TCC
|
| Stock price: | C$0.30 at close Feb. 9
|
| Market capitalization: | C$8.38 million
|
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