Non-brokered deal sold units of one share and one warrant at C$0.10
By Devika Patel
Knoxville, Tenn., Aug. 17 – 49 North Resources Inc. said it raised C$400,000 in the second and final tranche of its C$1 million non-brokered private placement of units. The deal priced on June 3 and was increased to C$800,000 from C$600,000 on June 15, when the company raised C$600,000.
The company sold 10 million units of one common share and one warrant at C$0.10 per unit. It sold 6 million units in the initial tranche and 4 million units in the second tranche.
Each warrant is exercisable at C$0.15 for two years. The strike price is a 50% premium to the June 2 closing share price of C$0.10.
Proceeds will be used to augment the company's working capital position.
Saskatoon, Sask., 49 North is a resource investment, financial and managerial advisory, and merchant banking company.
| Issuer: | 49 North Resources Inc.
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| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 10 million
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| Price: | C$0.10
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.15
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| Agent: | Non-brokered
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| Pricing date: | June 3
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| Upsized: | June 15
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| Settlement dates: | June 15(for C$600,000), Aug. 5 (for C$400,000)
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| Stock symbol: | TSX Venture: FNR
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| Stock price: | C$0.10 at close June 2
|
| Market capitalization: | C$3.7 million
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