Offering funds delineation drilling at Newton gold discovery project
By Toni Weeks
San Diego, Feb. 15 - Amarc Resources Ltd. said it has increased its planned private placement of stock and units to C$16.25 million. The deal originally priced for C$10 million on Feb. 14.
As previously reported, the company will sell flow-through shares at C$0.50 per share and non-flow-through units at C$0.45 per unit. Each non-flow-through unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.60 for 18 months.
The strike price is a 26.32% premium to C$0.475, the closing price on Feb. 13. The price per flow-through share is a 5.26% premium to that price.
The company said that about 17% of the financing will be comprised of flow-through shares, and the remainder will consist of non-flow-through units.
Settlement is expected Feb. 27.
Proceeds will be used to advance exploration on Amarc's properties, including ongoing delineation drilling at the Newton gold discovery in British Columbia, and for general corporate and working capital purposes.
Amarc is a Vancouver, B.C.-based gold and copper exploration company.
| Issuer: | Amarc Resources Ltd.
|
| Issue: | Flow-through shares, units of one common share and one half-share warrant
|
| Amount: | C$16.25 million
|
| Pricing date: | Feb. 14
|
| Upsized: | Feb. 15
|
| Settlement date: | Feb. 27
|
| Stock symbol: | TSX Venture: AHR
|
| Stock price: | C$0.475 at close Feb. 13
|
| Market capitalization: | C$44.22 million
|
|
|
| Flow-through shares
|
| Amount: | C$2,762,500, or 17% of the financing
|
| Price: | C$0.50
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$13,487,500, or 83% of financing
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
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