By Devika Patel
Knoxville, Tenn., June 13 - Navasota Resources Ltd. said it has arranged a C$2.75 million private placement of units.
The company will sell 5.5 million units at C$0.50 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for 18 months.
The warrants may expire sooner if the company's shares close at C$1.50 or higher for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Of the units sold, 3.5 million will be sold on a non-brokered basis. The remainder will be sold through Desjardins Securities and M Partners Inc.
Proceeds will be used to advance the exploration of Navasota's Koba Bauxite Project, located in the Republic of Guinea, West Africa and for general working capital.
Navasota is a resource exploration company based in Vancouver, B.C.
| Issuer: | Navasota Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.75 million
|
| Units: | 5.5 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Underwriters: | Non-brokered (for C$1.75 million), Desjardins Securities and M Partners Inc. (for C$1 million)
|
| Pricing date: | June 13
|
| Stock symbol: | TSX Venture: NAV
|
| Stock price: | C$0.59 at close June 12
|
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