Sale priced at C$0.13 per share; deal paired with shares-for-debt swap
By Devika Patel
Knoxville, Tenn., Sept. 1 - CMQ Resources Inc. said it plans a C$1.59 million private placement.
The company expects to issue 12,235,385 common shares at C$0.13 apiece to a group of investors expected to be comprised primarily of existing insiders and control persons. The price per share is equal to the Aug. 31 closing share price.
Proceeds will be used for capital expenditures and working capital purposes, including CMQ's drilling program.
The company also said it plans a shares-for-debt transaction. In this, C$1.31 million of unsecured debt held by Matco Capital Ltd. would be extinguished in exchange for 10,072,308 common shares.
These two deals are expected to result in Matco and its affiliates owning about 76% of CMQ's outstanding shares.
CMQ is a mineral exploration company based in Calgary, Alta.
| Issuer: | CMQ Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$1,590,600
|
| Shares: | 12,235,385
|
| Price: | C$0.13
|
| Warrants: | No
|
| Pricing date: | Sept. 1
|
| Stock symbol: | TSX Venture: NV
|
| Stock price: | C$0.13 at close Sept. 1
|
| Market capitalization: | C$849,510
|
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