Non-brokered deal's proceeds used for exploration and working capital
By Devika Patel
Knoxville, Tenn., Sept. 21 - Homestake Resource Corp. said it has arranged a non-brokered private placement of units and stock to raise up to C$1.8 million.
The company will sell up to 4 million units of one common share and one half-share warrant at C$0.30 per unit and up to 2 million flow-through common shares at C$0.30 per share.
Each whole two-year warrant will be exercisable at C$0.35, which is a 22.22% discount to C$0.45, the closing share price on Sept. 20. The price per flow-through common share is a 33.33% discount to that price.
Proceeds will be used for exploration and working capital.
Homestake is a gold and silver explorer in Vancouver, B.C.
| Issuer: | Homestake Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$1.8 million (maximum)
|
| Price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 21
|
| Stock symbol: | TSX Venture: HSR
|
| Stock price: | C$0.45 at close Sept. 20
|
| Market capitalization: | C$11.89 million
|
|
|
| Units
|
| Amount: | C$1.2 million (maximum)
|
| Units: | 4 million (maximum)
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
|
|
| Flow-through shares
|
| Amount: | C$600,000 (maximum)
|
| Shares: | 2 million (maximum)
|
| Warrants: | No
|
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