By Sheri Kasprzak
New York, Dec. 14 - Hornby Bay Exploration Ltd. said it negotiated a non-brokered private placement for up to C$1.505 million.
The offering includes up to 4.3 million flow-through units at C$0.35 each.
The units are composed of one share and one half-share warrant. The whole warrants are exercisable for a non flow-through share at C$0.45 each for two years.
The company has also arranged a separate, non-brokered deal for up to C$150,000. That offering includes up to 430,000 units under the same terms.
The expiry of the warrants associated with both offerings may be accelerated to 30 days if the company's stock trades above C$0.55 for more than 20 consecutive trading days.
Proceeds from the deals will be used for exploration on the company's Canadian properties. The rest will be used for working capital.
Based in Toronto, Hornby Bay is a mineral exploration company.
| Issuer: | Hornby Bay Exploration Ltd.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$1.505 million (maximum)
|
| Units: | 4.3 million (maximum)
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Placement agent: | Non-brokered
|
| Pricing date: | Dec. 14
|
| Stock price: | C$0.315 at close Dec. 14
|
|
|
| Issuer: | Hornby Bay Exploration Ltd.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$150,500 (maximum)
|
| Units: | 430,000 (maximum)
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Placement agent: | Non-brokered
|
| Pricing date: | Dec. 14
|
| Stock price: | C$0.315 at close Dec. 14
|
|
|
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