By Sheri Kasprzak
Atlanta, May 16 - Tom Exploration Inc. said it plans to raise up to C$1.1 million in a private placement.
The offering includes up to 2 million flow-through shares or units priced at C$0.55 each.
Anchor Securities Ltd. will be the placement agent on the offering, which will include up to 1.6 million flow-through shares and a minimum of 400,000 units.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$0.70 each for two years.
Based in Rouyn-Noranda, Quebec, Tom is a gold exploration company. The proceeds will be used for exploration on the Bristol and Lalonde gold property in Timmins, Ont.
| Issuer: | Tom Exploration Inc.
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| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$1.1 million (maximum)
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| Placement agent: | Anchor Securities Ltd.
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| Pricing date: | May 13
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| Stock price: | C$0.57 at close May 13
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| Flow-through shares
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| Issue: | Flow-through common shares
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| Shares: | 1.6 million (maximum)
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| Price: | C$0.55
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| Warrants: | No
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| Units
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| Issue: | Units of one common share and one half-share warrant
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| Units: | 400,000 (minimum)
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| Price: | C$0.55
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.70
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