By Laura Lutz
Des Moines, Feb. 13 - Vannessa Ventures Ltd. negotiated a private placement of units for C$1.5 million.
Exploram Enterprises Ltd. agreed to by 5 million units of one share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable for two years, at C$0.40 in the first year and at C$0.50 in the second year.
Proceeds will be used for development of the company's Crucitas gold project in Costa Rica, for drilling and for working capital.
The deal is non-brokered.
Vannessa is a gold and diamond mining company based in Calgary, Alta.
| Issuer: | Vannessa Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 5 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40 in the first year; C$0.50 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 12
|
| Stock symbol: | TSX Venture: VVV
|
| Stock price: | C$0.35 at close Feb. 13
|
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