Base metals explorer sells 95 million shares to fund drilling programs
By Devika Patel
Knoxville, Tenn., May 21 - Alecto Minerals plc said it has raised £1.47 million in a private placement of stock with Fahad Al-Tamimi.
The company sold 95 million ordinary shares at 1.55p each. The price per share is a 4.91% discount to the May 18 closing share price of 1.63p.
Al-Tamimi will also receive one warrant for every 2.5 shares purchased in the offering for a total of 38 million warrants. The warrants are each exercisable at 3.1p for two years. The strike price is a 90.18% premium to the May 18 closing price.
Proceeds will be used to advance the company's African resource portfolio through implementing systematic drilling and exploration programs.
The London-based company explores for gold and base metals.
| Issuer: | Alecto Minerals plc
|
| Issue: | Ordinary shares
|
| Amount: | £1,472,500
|
| Shares: | 95 million
|
| Price: | 1.55p
|
| Warrants: | 38 million (one warrant for every 2.5 shares bought)
|
| Warrant expiration: | Two years
|
| Warrant strike price: | 3.1p
|
| Investor: | Fahad Al-Tamimi
|
| Settlement date: | May 21
|
| Stock symbol: | London: ALO
|
| Stock price: | 1.63p at close May 18
|
| Market capitalization: | £3.69 million
|
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