By Susanna Moon
Chicago, July 18 - Halo Resources Ltd. said it closed its upsized private placement of units for C$2,751,000.
On July 9, the company closed the first tranche of units for C$2.058 million and increased the total issue size to C$2.7 million.
Halo sold 3,612,632 flow-through units at C$0.475 per unit and 2.3 million non flow-through units at C$0.45 per unit.
Each flow-through unit consists of one flow-through share and one half-share warrant. Each whole warrant from the flow-through units is exercisable at C$0.65 for 18 months.
Each non flow-through unit consists of one non flow-through share and one half-share warrant. Each whole warrant from the non flow-through units is exercisable at C$0.60 for 18 months.
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 placement was non-brokered.
Proceeds will be used for exploration and for working capital.
Halo is a resource exploration company based in Toronto.
Issuer: | Halo Resources Ltd.
|
Issue: | Units of one flow-through share and one half-share warrant; units of one non flow-through share and one half-share warrant
|
Amount: | C$2,751,000
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Agent: | Non-brokered
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Pricing date: | June 14
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Announcement date: | June 22
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Settlement date: | July 9 (for C$2,058,250), July 18 (for remainder)
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Stock symbol: | TSX Venture: HLO
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Stock price: | C$0.49 at close June 13
|
Stock price: | C$0.52 at close July 9
|
Stock price: | C$0.57 at close July 17
|
|
Flow-through units
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Amount: | C$1,716,000
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Units: | 3,612,632
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Price: | C$0.475
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Jan. 4, 2009
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Warrant strike price: | C$0.65
|
|
Non flow-through units
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Amount: | C$1,035,000
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Units: | 2.3 million
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Price: | C$0.45
|
Warrants: | One half-share warrant per unit
|
Warrant expiration: | Jan. 4, 2009
|
Warrant strike price: | C$0.60
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