By Sheri Kasprzak
Atlanta, Nov. 29 - Halo Resources Ltd. said Wednesday it plans to raise C$5,450,000 in a private placement.
The company will issue up to 3.5 million flow-through units at C$0.95 each and up to 2.5 million non flow-through units at C$0.85 each. The flow-through units consist of one common share and one half-share warrant. The common share units are comprised of one share and one warrant.
Each whole warrant in the flow-through units is exercisable for an additional share at C$1.25 for the first year and C$1.50 for the second. The whole warrants in the common units allow for an additional share at C$1.10 for the first year and C$1.35 in the second.
Placement agents Canaccord Capital Corp. and Pacific International Securities Inc. have an over-allotment option of 1.05 million flow-through units and 750,000 common units.
Halo, based in Vancouver, B.C., is a precious metals acquisition company. It plans to use the proceeds from the private placement to explore and develop its Duport and Bachelor Lake properties and for general working capital.
| Issuer: | Halo Resources Ltd.
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| Issue: | Flow-through and non flow-through units
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| Amount: | C$5.45 million
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| Placement agent: | Canaccord Capital Corp. and Pacific International Securities Inc.
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| Announcement date: | Nov. 24
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| Stock price: | C$1.05 at close Nov. 24
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| Flow-through units
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| Issue: | Flow-through units of one share and one half-share warrant
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| Shares: | 3.5 million units
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| Price: | C$0.95
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.25 for the first year; C$1.50 for the second year
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| Common units
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| Issue: | Non flow-through units of one share and one warrant
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| Shares: | 2.5 million
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| Price: | C$0.85
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.10 for the first year; C$1.35 for the second year
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