By Sheri Kasprzak
New York, May 4 - Strateco Resources Inc. has negotiated a C$10 million private placement of units.
The non-brokered offering includes up to 8 million units at C$1.25 apiece.
Each unit consists of one share and one half-share warrant with each whole warrant exercisable at C$1.50 for 18 months.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.70 for more than 20 consecutive trading days.
The proceeds will be used for exploration on Strateco's Matoush and Mont-Laurier uranium projects. The rest will be used for working capital.
Montreal-based Strateco is a uranium exploration company.
Issuer: | Strateco Resources Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$10 million (maximum)
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Units: | 8 million (maximum)
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Price: | C$1.25
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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$1.50
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Placement agent: | Non-brokered
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Pricing date: | May 4
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Stock symbol: | TSX Venture: RSC
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Stock price: | C$1.24 at close May 3
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