By Devika Patel
Knoxville, Tenn., Aug. 26 - Yankee Hat Minerals Ltd. said it raised C$315,000 in the first tranche of a C$3.5 million private placement of units. The deal priced July 26 and is being conducted by Oberon Capital Corp.
The company is selling C$2 million in flow-through units at C$0.075 apiece. Each flow-through unit consists of one flow-through common share and one warrant.
The company also is selling C$1.5 million in non flow-through units at C$0.05 apiece. Each non flow-through unit consists of one common share and one warrant.
Each warrant is exercisable at C$0.20 for one year. The strike price reflects a 300% premium to the July 23 closing share price of C$0.05.
In the first tranche, the company sold 6.3 million non flow-through units.
Proceeds will be used for a drill program on the Company's Fran Property and general corporate purposes.
Vancouver, B.C.-based Yankee Hat is a gold and uranium exploration company.
Issuer: | Yankee Hat Minerals Ltd.
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Issue: | Flow-through units of one flow-through common share and one half-share warrant, non flow-through units of one common share and one half-share warrant
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Amount: | C$3.5 million
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.20
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Agent: | Oberon Capital Corp.
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Pricing date: | July 26
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Settlement date: | Aug. 26 (for C$315,000)
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Stock symbol: | TSX Venture: KHT
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Stock price: | C$0.05 at close July 23
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Market capitalization: | C$5.41 million
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Flow-through units
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Amount: | C$2 million
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Price: | C$0.075
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Non flow-through units
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Amount: | C$1.5 million
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Price: | C$0.05
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