By Sheri Kasprzak
Atlanta, March 29 - Franconia Minerals Corp. said it has wrapped a private placement for C$1.56 million.
The company sold 3.9 million units at C$0.40 each.
The units consist of one share and one half-share warrant. The whole warrants provide for an additional share at C$0.60 each through March 23, 2007. The expiry of the warrants may be accelerated to 15 days if the company's stock trades above C$0.70 for 15 consecutive trading days.
Max Capital Markets Ltd. was the placement agent.
Based in Spokane, Wash., Franconia is a mineral exploration company. It will use the proceeds from the offering for exploration on its Birch Lake project and continued exploration on its San Francisco project. The remainder will be used for general corporate purposes.
| Issuer: | Franconia Minerals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.56 million
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| Units: | 3.9 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: | March 23, 2007
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| Warrant strike price: | C$0.60
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| Placement agent: | Max Capital Markets Ltd.
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| Settlement date: | March 23
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| Stock price: | C$0.43 at close March 23
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