By Sheri Kasprzak
New York, July 20 - Castillian Resources Corp. said it plans to raise C$1 million in a private placement of units.
The non-brokered offering includes 2,857,142 units at C$0.35 each.
The units are comprised of one share and one half-share warrant. The full warrants provide for the purchase of an additional share at C$0.50 each for one year.
The proceeds from the offering will pay for Castillian's portion of a transient electromagnetic survey of the Mangabal project. The company is conducting the survey with Falconbridge Ltd.
Based in Toronto, Castillian is a mineral exploration company.
| Issuer: | Castillian Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 2,857,142
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
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| Pricing date: | July 19
|
| Stock price: | C$0.40 at close July 20
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