Brokered, non-brokered deals to fund exploration at Sherridon Property
By Devika Patel
Knoxville, Tenn., Dec. 8 - Halo Resources Ltd. said it plans a non-brokered private placement of units with HudBay Minerals Inc. The deal will raise C$1.83 million. Loewen, Ondaatje, McCutcheon Ltd. will also assist in raising C$2 million by selling units on the same terms as the non-brokered deal.
The company will sell 3,655,000 units at C$0.50 apiece in the non-brokered offering. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.60 for two years. The strike price reflects a 3.45% premium to C$0.58, the Dec. 7 closing share price.
Proceeds will be used for exploration on the Sherridon Property.
Halo is a resource exploration company based in Toronto.
| Issuer: | Halo Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3,827,500
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered (for C$1,827,500), Loewen, Ondaatje, McCutcheon Ltd. (for C$2 million)
|
| Investor: | HudBay Minerals Inc. (for C$1,827,500)
|
| Pricing date: | Dec. 8
|
| Stock symbol: | TSX Venture: HLO
|
| Stock price: | C$0.58 at close Dec. 7
|
| Market capitalization: | C$9.36 million
|
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