Offering funds delineation drilling at Newton gold discovery project
By Devika Patel
Knoxville, Tenn., March 7 - Amarc Resources Ltd. said it settled a C$16.34 million private placement of stock and units. The deal priced for C$10 million on Feb. 14 and was increased to C$16.25 million on Feb. 15.
The company sold flow-through shares at C$0.50 per share and units of one common share and one half-share warrant at C$0.45 per unit. Each whole warrant is 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.
Approximately 17% of the financing was comprised of flow-through shares and the remainder was made up of units
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$16.34 million
|
| Pricing date: | Feb. 14
|
| Upsized: | Feb. 15
|
| Settlement date: | March 7
|
| Stock symbol: | TSX Venture: AHR
|
| Stock price: | C$0.475 at close Feb. 13
|
| Market capitalization: | C$45.22 million
|
|
|
| Flow-through shares
|
| Amount: | C$2,777,800 (approximate, about 17% of the offering)
|
| Price: | C$0.50
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$13,562,200 (approximate, about 83% of the offering)
|
| 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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