By Sheri Kasprzak
New York, Sept. 1 - Exall Resources Ltd. said it has arranged a private placement for C$4 million.
The offering is comprised of flow-through shares and units, both priced at C$0.40 each. The exact mix of shares and units has not yet been determined.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.50 each for one year.
Dundee Securities Corp. and Dominick and Dominick Securities Inc. are the placement agents.
The offering is expected to close Sept. 13.
Proceeds from the deal will be used for drilling on the Gold Eagle Mine property in Red Lake, Ont. The remainder will be used for other development and working capital.
Based in Toronto, Exall is an oil, natural gas and gold exploration company.
| Issuer: | Exall Resources Ltd.
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| Issue: | Flow-through common shares and units of one share and one half-share warrant
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| Amount: | C$4 million
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.50
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| Placement agents: | Dundee Securities Corp. and Dominick and Dominick Securities Inc.
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| Pricing date: | Sept. 1
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| Settlement date: | Sept. 13
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| Stock price: | C$0.79 at close Aug. 31
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