By Devika Patel
Knoxville, Tenn., Feb. 24 - Etruscan Resources Inc. said it settled the initial C$5.8 million tranche of a C$10.5 million private placement of stock. The deal was arranged with 2190776 Ontario Inc. on Feb. 19.
The company plans to sell a total of 26,315,789 common shares and 6,890,741 warrants. It sold 14,616,949 shares in this tranche.
The warrants are exercisable at C$0.5478 until July 15, 2010.
The second tranche for the balance of the proceeds is expected to close on March 23.
Etruscan, based in Windsor, N.S., is a gold exploration and development company.
Issuer: | Etruscan Resources Inc.
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Issue: | Common shares
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Amount: | C$10.5 million
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Shares: | 26,315,789
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Warrants: | 6,890,741
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Warrant expiration: | July 15, 2010
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Warrant strike price: | C$0.5478
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Investor: | 2190776 Ontario Inc.
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Pricing date: | Feb. 19
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Settlement date: | Feb. 24 (for C$5.8 million), March 23
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Stock symbol: | Toronto: EET
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Stock price: | C$0.55 at close Feb. 18
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