Funds used for engineering studies, preliminary economic assessment
By Devika Patel
Knoxville, Tenn., Dec. 12 - Heatherdale Resources Ltd. said it will raise about C$5 million in a private placement of units.
The company will sell about 11.1 million units at C$0.45 per unit. Each unit consists of one common share and one warrant. Each warrant will be exercisable at C$0.60 for 15 months. The strike price is a 33.33% premium to the Dec. 9 closing share price of C$0.45.
Insiders are expected to participate.
Proceeds will be used for engineering studies and a preliminary economic assessment of the Niblack property in Alaska, general corporate and working capital purposes.
Heatherdale is a Vancouver, B.C., copper, gold, zinc and silver explorer.
| Issuer: | Heatherdale Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million (approximate)
|
| Units: | 11.1 million (approximate)
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 15 months
|
| Warrant strike price: | C$0.60
|
| Pricing date: | Dec. 12
|
| Stock symbol: | TSX Venture: HTR
|
| Stock price: | C$0.40 at close Dec. 12
|
| Market capitalization: | C$27.64 million
|
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