Funds will be used for exploration at Aurea Norte, working capital
By Devika Patel
Knoxville, Tenn., Oct. 1 - Newstrike Capital Inc. said it will sell 5 million units in a non-brokered private placement. The C$2 million offering is a follow-on to the company's C$3.66 million placement that settled on July 21.
The company will sell units of a common share and a half-share warrant at C$0.40 each. The whole warrants are exercisable at C$0.80 for 18 months. The strike price reflects a 56.86% premium to the Sept. 30 closing share price of C$0.51.
Proceeds will be used to fund near-term exploration activities on the company's Aurea Norte project in the State of Guerrero and for general working capital purposes.
Vancouver, B.C.-based Newstrike is acquiring and exploring mineral property interests in Mexico.
Issuer: | Newstrike Capital Inc.
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Issue: | Units of a common share and a half-share warrant
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Amount: | C$2 million
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Units: | 5 million
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.80
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Agent: | Non-brokered
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Pricing date: | Oct. 1
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Stock symbol: | TSX Venture: NES.H
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Stock price: | C$0.51 at close Sept. 30
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Market capitalization: | C$36.19 million
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