Company settles its initial C$1.7 million tranche
By Wendy Van Sickle
Columbus, Ohio, May 19 – Colorado Resources Ltd. said it upsized its previously announced non-brokered private placement of units to C$4.59 million from C$4.03 million and completed its initial C$1.7 million tranche.
The company will issue 8,796,859 units of one common share and one warrant at C$0.35 per unit and 3.6 million flow-through units of one flow-through common share and one half-share warrant at C$0.42 per unit.
Each unit warrant will be exercisable at C$0.50 for two years. Each whole flow-through unit warrant will be exercisable at C$0.60 for two years. The strike prices are 42.86% and 71.43% premiums to the May 3 closing share price of C$0.35.
In the first tranche, the company sold 2,211,430 units and 2,282,344 flow-through units. The company expects to close on the remaining units by the end of the month.
The Kelowna, B.C., company explores for gold and silver.
| Issuer: | Colorado Resources Ltd.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$4,590,925, upsized from C$4,032,000
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | May 4
|
| Stock symbol: | TSX Venture: CXO
|
| Stock price: | C$0.35 at close May 3
|
| Market capitalization: | C$21.79 million
|
|
|
| Units
|
| Amount: | C$3,078,900
|
| Units: | 8,796,859
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.50
|
|
|
| Flow-through units
|
| Amount: | C$1,512,000
|
| Units: | 3.6 million
|
| Price: | C$0.42
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.60
|
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