By Devika Patel
Knoxville, Tenn., Nov. 18 - Darnley Bay Resources Ltd. said it plans to conduct a C$2.46 million non-brokered private placement of units.
The company will sell 10 million flow-through units of one flow-through common share and one warrant at C$0.15 apiece for C$1.5 million. Each warrant will be exercisable at C$0.30 for two years.
Darnley Bay also will sell 8 million units of one common share and one warrant at C$0.12 apiece for C$960,000. Each warrant will be exercisable at C$0.24 for two years.
Settlement is expected Dec. 17.
Proceeds will be used for drilling, surveys and working capital.
Based in Toronto, Darnley Bay is a base metals and diamonds exploration and development company.
| Issuer: | Darnley Bay Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, units of one common share and one warrant
|
| Amount: | C$2.46 million
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 17
|
| Stock symbol: | TSX Venture: DBL
|
| Stock price: | C$0.11 at close Nov. 17
|
|
|
| Flow-through units
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Units
|
| Amount: | C$960,000
|
| Units: | 8 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.24
|
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