Non-brokered deal raises funding for exploration of Niblack property
By Devika Patel
Knoxville, Tenn., Dec. 1 - Heatherdale Resources Ltd. said it concluded a non-brokered private placement of units. The deal priced for C$6 million on Nov. 16 and raised C$7.89 million.
The company sold 7,889,500 units of one common share and one warrant at C$1.00 per unit.
Each warrant will be exercisable at C$1.20 for 18 months. The strike price represents a 21.21% premium to the Nov. 15 closing share price of C$0.99.
Proceeds will be used to continue to advance exploration of the Niblack property in Alaska and for general corporate and working capital purposes.
"We are pleased to complete this financing, which will assist us to advance our drilling program and assessment of the high grade mineralization within the Lookout zone at Niblack," president and chief executive Patrick Smith said in a press release.
Heatherdale is a mineral explorer based in Calgary, Alta.
| Issuer: | Heatherdale Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$7,889,500
|
| Units: | 7,889,500
|
| Price: | C$1.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.20
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 1
|
| Stock symbol: | TSX Venture: HTR
|
| Stock price: | C$0.99 at close Nov. 15
|
| Market capitalization: | C$47.87 million
|
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