Proceeds from non-brokered deal to be used to explore new properties
By Angela McDaniels
Tacoma, Wash., Jan. 10 - Teslin River Resources Corp. plans to raise C$1.25 million through a non-brokered private placement of units, according to a company news release.
The company will sell 12.5 million units for C$0.10 each.
Each unit will consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.15 for two years.
The exercise price is a 66.67% premium to the stock's C$0.09 closing share price on Jan. 7.
The company will be able to accelerate the exercise of the warrants if its shares close at an average price of C$0.30 or above for 20 consecutive trading days.
The company has agreed to acquire Queensgate Resources Corp., a private company registered in Quebec. It will use the proceeds from the financing to start exploration on Queensgate's properties, to continue work at the Tagai property and as general working capital.
Teslin mines for copper and gold and is based in Vancouver, B.C.
| Issuer: | Teslin River Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 12.5 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 10
|
| Stock symbol: | TSX Venture: TLR
|
| Stock price: | C$0.09 at close Jan. 7
|
| Market capitalization: | C$3.46 million
|
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