Deal funds development of the Barito coal project and working capital
By Devika Patel
Knoxville, Tenn., March 15 - Challenger Deep Resources Corp. said it has arranged a C$1.5 million private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.15 per unit.
The five-year warrants are exercisable at C$0.25; the strike price is a 25% premium to the March 14 closing share price of C$0.20.
Proceeds will be used for development of the Barito coal project in Central Kalimantan, Indonesia, and working capital purposes.
The Calgary, Alta., company acquires, explores and develops gold, copper, silver and other mineral properties.
| Issuer: | Challenger Deep Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.25
|
| Pricing date: | March 15
|
| Stock symbol: | TSX Venture: CDE
|
| Stock price: | C$0.20 at close March 14
|
| Market capitalization: | C$5.86 million
|
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