By Devika Patel
Knoxville, Tenn., March 31 - Cuervo Resources Inc. said it will take in at least C$9 million in a private placement of units.
The company will sell at least 6 million units of one share and one half-share warrant at C$1.50 per unit. Each whole warrant will be exercisable at C$2.25 for two years.
The warrants may expire sooner if Cuervo's shares close at C$3.00 or higher for 10 consecutive trading days.
Wellington West Capital Markets Inc. is the agent.
Proceeds will be used exploration and for general corporate and working capital purposes.
Cuervo is an iron exploration company based in Toronto.
Issuer: | Cuervo Resources Inc.
|
Issue: | Units of one share and one half-share warrant
|
Amount: | C$9 million (minimum)
|
Units: | 6 million (minimum)
|
Price: | C$1.50
|
Warrants: | One half-share warrant per unit
|
Warrant expiration: | Two years
|
Warrant strike price: | C$2.25
|
Agent: | Wellington West Capital Markets Inc.
|
Pricing date: | March 31
|
Stock symbol: | CNQ: IRON
|
Stock price: | C$1.50 at open March 31
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.