Non-brokered deal finances exploration program at the Penoles Project
By Devika Patel
Knoxville, Tenn., April 6 – Morro Bay Resources Ltd. said it plans a non-brokered private placement of units to raise between C$100,000 and C$1.5 million.
The company will sell between 2 million and 30 million units of one common share and one warrant at C$0.05 per unit. Each two-year warrant will be exercisable at C$0.05 in the first year and at C$0.10 in the second year. The strike prices are identical and a 100% premium to the April 3 closing share price of C$0.05.
Proceeds will be used for the company’s 2015 exploration program at the Penoles Project and general corporate purposes.
The precious metals explorer is based in Calgary, Alta.
| Issuer: | Morro Bay Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$100,000 (minimum), C$1.5 million (maximum)
|
| Units: | 2 million (minimum), 30 million (maximum)
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.05 in the first year, C$0.10 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | April 6
|
| Stock symbol: | TSX Venture: MRB
|
| Stock price: | C$0.05 at close April 3
|
| Market capitalization: | C$3.17 million
|
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