Non-brokered deal funds pre-feasibility report on Los Verdes property
By Devika Patel
Knoxville, Tenn., May 10 - Virgin Metals Inc. said it once again increased a non-brokered private placement of units, this time to C$1.5 million from C$1 million. The deal raised C$479,582 on March 28 and was previously increased to C$1 million from C$750,000 on April 10.
The company is selling units of one common share and one warrant at C$0.075 per unit. It sold 6,394,431 units in the first tranche.
Each two-year warrant will be exercisable at C$0.10, which is an 11.11% premium to the March 27 closing share price of C$0.09.
Proceeds will be used to advance the pre-feasibility report on the company's Los Verdes property, as well as for working capital and general administrative purposes.
Virgin Metals is a Toronto-based exploration company that focuses on copper-molybdenum porphyry properties.
| Issuer: | Virgin Metals Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Price: | C$0.075
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Upsized: | April 10, May 10
|
| Settlement date: | March 28 (for C$479,582)
|
| Stock symbol: | TSX Venture: VGM
|
| Stock price: | C$0.09 at close March 27
|
| Market capitalization: | C$3.96 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
