By Sheri Kasprzak
Atlanta, Oct. 22 - Expatriate Resources said Friday it has finished an upsized C$13.6 million private placement.
The company had announced Oct. 7 it planned to raise C$12 million in the offering.
The deal consists of 25 million flow-through shares at C$0.32 and 17,583,875 units of one common share and a half-share purchase warrant at C$0.32.
Each whole warrant, good for two years, allows the buyer to purchase a share at C$0.40 for the first year and C$0.45 for the second.
Expatriate said in a statement Friday it plans to close a second, C$3 million private placement in the coming days.
Expatriate is a precious metal exploration company based in Vancouver, British Columbia. The company plans to use C$11 million of the financing for exploration, feasibility study work and test mining of its Wolverine Project in the Yukon. The remaining funds will be used for other projects and general corporate purposes.
| Issuer: | Expatriate Resources Ltd.
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| Issue: | Stock and units of one common share and a ½ share purchase warrant
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| Amount: | C$13.6 million
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| Placement agent: | Paradigm Capital Inc. and First Associates Investments Inc. (co-lead agents); Dundee Securities Inc.; McFarlane Gordon Inc.
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| Settlement date: | Oct. 21
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| Announcement date: | Oct. 7
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| Stock price: | C$0.37 at close
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|
|
| Flow-through shares
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| Shares: | 25 million
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| Price: | C$0.32
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| Warrants: | No
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|
| Units
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| Issue: | Units of one common share and a ½ share purchase warrant
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| Units: | 17,583,875
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| Price: | C$0.32
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| Warrants: | ½ share warrant for each unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40 for the first year and C$0.45 for the second
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