By Sheri Kasprzak
New York, May 4 - Tenajon Resources Corp. has arranged a private placement for C$4,001,250.
The company plans to sell up to 2,225,000 flow-through shares at C$0.45 each and up to 7.5 million units at C$0.40 each.
The units consist of one share and one warrant with each warrant exercisable at C$0.55 for two years.
The expiry of the warrants may be accelerated if the stock trades above C$0.80 for more than 20 consecutive trading days.
The deal will not be brokered.
Proceeds will be used for exploration on the company's Ajax molybdenum property and the Summit Lake gold property, both in British Columbia.
Vancouver, B.C.-based Tenajon is a mineral exploration company.
Issuer: | Tenajon Resources Corp.
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Issue: | Flow-through shares and units of one share and one warrant
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Amount: | C$4,001,250 (maximum)
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Placement agent: | Non-brokered
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Pricing date: | May 4
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Stock symbol: | TSX Venture: TJS
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Stock price: | C$0.43 at close May 3
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Flow-through shares
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Shares: | 2,225,000 (maximum)
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Price: | C$0.45
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Warrants: | No
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Units
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Units: | 7.5 million (maximum)
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Price: | C$0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.55
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