By Laura Lutz
Des Moines, July 9 - Halo Resources Ltd. increased the size of its private placement of units to C$2.7 million and closed a first tranche for C$2,058,250.20.
The first tranche included 2,182,632 flow-through units at C$0.475 apiece and 2.27 million non flow-through units at C$0.45 apiece.
The full placement will consist of flow-through and non flow-through units on the same terms. The number of each that will be included was not announced.
Each flow-through unit will consist of one flow-through share and one half-share warrant. Each whole warrant from the flow-through units will be exercisable for one non flow-through share at C$0.65 for 18 months.
Each non flow-through unit will consist of one non flow-through share and one half-share warrant. Each whole warrant from the non flow-through units will be exercisable for one non flow-through share at C$0.60 for 18 months.
Expiry of either set of warrants may be accelerated to 10 days if the 20-day weighted average closing price of the company's shares is at least C$0.85.
The placement will be non-brokered.
Proceeds will be used for exploration and general corporate purposes.
Halo is a resource exploration company based in Toronto.
| Issuer: | Halo Resources Ltd.
|
| Issue: | Units of one flow-through share and one half-share non flow-through warrant; units of one non flow-through share and one half-share non flow-through warrant
|
| Amount: | C$2.7 million
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Settlement date: | July 9 (for C$2,058,250.20)
|
| Stock symbol: | TSX Venture: HLO
|
| Stock price: | C$0.49 at close June 13
|
| Stock price: | C$0.52 at close July 9
|
|
|
| Flow-through units
|
| Price: | C$0.475
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.65
|
|
|
| Non flow-through units
|
| 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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