Cenit completes C$2.7 million private placement of common-share units

Non-brokered offering sells two types of units with two-year warrants

By Devika Patel

Knoxville, Tenn., June 24 - Cenit Corp. said it settled a C$2.7 million non-brokered private placement of units. The deal priced for C$1.49 million on April 29.

The company sold 19,564,000 hard-dollar units of one common share and one half-share warrant at C$0.10 per unit and 4,936,700 flow-through units of one flow-through common share and one half-share warrant at C$0.15 per unit.

Each whole two-year hard-dollar warrant will be exercisable at C$0.20. Each whole two-year flow-through warrant will be exercisable at C$0.30. The strike prices are 185.71% and 328.57% premiums to the April 28 closing share price of C$0.07.

The copper, nickel, gold and platinum group elements exploration company is based in Toronto.

Issuer:	Cenit Corp.
Issue:	Hard-dollar units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
Amount:	C$2,696,905
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Agent:	Non-brokered
Pricing date:	April 29
Settlement date:	June 24
Stock symbol:	TSX Venture: CNT
Stock price:	C$0.07 at close April 29
Market capitalization:	C$2.3 million
Hard-dollar units
Amount:	C$1,956,400
Units:	19,564,000
Price:	C$0.10
Warrant strike price:	C$0.20
Flow-through units
Amount:	C$740,505
Units:	4,936,700
Price:	C$0.15
Warrant strike price:	C$0.30

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