Company arranges non-brokered offering as part of planned acquisition
By Devika Patel
Knoxville, Tenn., Nov. 5 - Elcora Resources Corp. said it will raise between C$1.13 million and C$1.5 million in a non-brokered private placement of stock. The deal is being conducted in connection with Elcora's planned acquisition of Graphene Corp.
The company will sell between 6.25 million and 7.5 million common shares at C$0.20 per share, which is a 5.26% premium to the Nov. 4 closing share price of C$0.19.
The company is based in Halifax, N.S., and mines for graphite.
| Issuer: | Elcora Resources Corp.
|
| Issue: | Common stock
|
| Amount: | C$1,125,000 (minimum), C$1.5 million (maximum)
|
| Shares: | 6.25 million (minimum), 7.5 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 5
|
| Stock symbol: | TSX Venture: ERA
|
| Stock price: | C$0.19 at close Nov. 4
|
| Market capitalization: | C$3.32 million
|
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