By Sheri Kasprzak
New York, Aug. 30 - Afrasia Mineral Fields Inc. said it plans to raise up to C$1,525,000 in a private placement of flow-through and non flow-through units.
The offering includes up to 2.5 million flow-through units at C$0.40 each and up to 1.5 million non flow-through units at C$0.35 each.
Both sets of units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.55 each for one year.
The proceeds will be used to drill and complete test wells at the Red Earth project in Alberta.
Based in Vancouver, B.C., Afrasia is a mineral exploration company.
| Issuer: | Afrasia Mineral Fields Inc.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$1,525,000 (maximum)
|
| Pricing date: | Aug. 29
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| Stock price: | C$0.39 at close Aug. 29
|
|
|
| Flow-through units
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| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 2.5 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
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| Warrant strike price: | C$0.55
|
|
|
| Non flow-through units
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| Issue: | Non flow-through units of one share and one half-share warrant
|
| Units: | 1.5 million (maximum)
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| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
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