Non-brokered deal finances exploration program at the Penoles Project
By Devika Patel
Knoxville, Tenn., May 13 – Morro Bay Resources Ltd. said it settled a C$179,500 tranche of a C$1.5 million non-brokered private placement of units on Tuesday. The deal priced for between C$100,000 and C$1.5 million on April 6.
The company is selling up to 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.
Morro Bay sold 3.59 million units in the first tranche.
Proceeds will be used for the company’s 2015 exploration program at the Penoles Project and for 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$1.5 million (maximum)
|
| Units: | 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
|
| Settlement date: | May 12 (for C$179,500)
|
| Stock symbol: | TSX Venture: MRB
|
| Stock price: | C$0.05 at close April 3
|
| Market capitalization: | C$3.49 million Morro Bay
|
© 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.
