By Devika Patel
Knoxville, Tenn., Sept. 4 - Yangarra Resources Ltd. announced it intends to raise C$2.1 million in a non-brokered private placement of units. This placement replaces two offerings announced on July 31.
The company plans to sell 14 million common share units at C$0.11 apiece for C$1.54 million and 4 million flow-through units at C$0.14 per unit for C$560,000.
Each common share unit will consist of one common share and one half-share warrant, with each full warrant exercisable for one common share at C$0.17 until June 30, 2008.
Each flow-through unit will consist of one flow-through share and one half-share warrant, with each full warrant also exercisable for one common share at C$0.17 until June 30, 2008.
Yangarra intends to use a portion of the proceeds from the common share offering to reduce its working capital deficiency and a portion for development programs in its Medicine Hat area. Yangarra will use all the proceeds from the flow-through offering to fund qualifying expenditures on the company's natural gas properties.
Yangarra Resources is a Calgary, Alta., company engaged in the production, exploration and development of resource properties.
Issuer: | Yangarra Resources Ltd.
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Issue: | Units of one common share and one half-share warrant, units of one flow-through share and one half-share warrant
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Amount: | C$2.1 million
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Warrants: | One half-share warrant per unit
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Warrant expiration: | June 30, 2008
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Warrant strike price: | C$0.17
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Agent: | Non-brokered
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Pricing date: | Sept. 4
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Stock symbol: | TSX Venture: YAN
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Stock price: | C$0.105 at close Aug. 31
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Common share units
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Amount: | C$1.54 million
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Issue: | Units of one common share and one half-share warrant
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Units: | 14,000,000
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Price: | C$0.11
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Flow-through units
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Issue: | Units of one flow-through share and one half-share warrant
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Amount: | C$560,000
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Units: | 4,000,000
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Price: | C$0.14
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