Non-brokered deal aims to fund exploration, general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 13 - Ecometals Ltd. said it completed the second and final tranche of a non-brokered private placement of units. The deal priced for C$4 million on Sept. 2, and the company raised C$534,750 in the first tranche on Oct. 18. It raised C$325,000 in the second tranche for a total of C$859,750.
The company sold 5,731,666 units of one common share and one warrant at C$0.15 apiece. It sold 3,565,000 units in the first tranche and 2,166,666 units in this tranche.
Each warrant is exercisable at C$0.25 for two years. The strike price represents a 61.29% premium to C$0.155, the Sept. 1 closing share price.
Proceeds will be used for exploration and general corporate purposes.
Based in Toronto, Ecometals is a mineral exploration and development company.
| Issuer: | Ecometals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$859,750
|
| Units: | 5,731,666
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 2
|
| Settlement date: | Oct. 18 (for C$534,750), Dec. 13 (for C$325,000)
|
| Stock symbol: | TSX Venture: EC
|
| Stock price: | C$0.155 at close Sept. 1
|
| Market capitalization: | C$12.65 million
|
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