Deal sells 20 million units of a share, a warrant at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., May 13 - Teslin River Resources Corp. said it plans a C$1 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit.
Each warrant will be exercisable at C$0.06 for three years. The strike price reflects a 200% premium to the May 12 closing share price of C$0.02.
Proceeds will be used for general corporate and working capital purposes.
In addition, and in conjunction with the financing, the company is seeking shareholder approval to amend its share structure by consolidating its outstanding common stock on the basis of one post-consolidation share for each four pre-consolidation shares. The board of directors believes that the consolidation is necessary due to market conditions that have made it challenging to raise capital under the company's current share structure.
The copper and gold explorer is based in Vancouver, B.C.
| Issuer: | Teslin River Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.06
|
| Agent: | Non-brokered
|
| Pricing date: | May 13
|
| Stock symbol: | TSX Venture: TLR
|
| Stock price: | C$0.02 at close May 12
|
| Market capitalization: | C$278,040
|
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