Non-brokered offering finances exploration of the Rio Zarza project
By Devika Patel
Knoxville, Tenn., Feb. 16 - Ecometals Ltd. said it plans a C$2 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.10 per unit.
Each warrant will be exercisable at C$0.16 for 18 months. The strike price represents a 60% premium to C$0.10, the Feb. 15 closing share price.
Settlement is expected March 1.
Proceeds will be used for exploration on the Rio Zarza project and general corporate purposes.
Based in Toronto, Ecometals is a manganese, gold and iron ore exploration and development company.
| Issuer: | Ecometals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 20 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.16
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 1
|
| Stock symbol: | TSX Venture: EC
|
| Stock price: | C$0.155 at close Feb. 15
|
| Market capitalization: | C$6.87 million
|
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