Deal conducted in conjunction with company's acquisition of project
By Devika Patel
Knoxville, Tenn., Sept. 14 - Indico Resources Ltd. said it plans a C$4 million non-brokered private placement of units. It also said it plans to acquire the Ocana Copper Gold Porphyry Project in South-Central Peru from Manlio Bassino Pinasco and Percy Samaniego Pimentel.
The company will sell 10 million units of one common share and one half-share warrant at C$0.40 per unit.
Each whole warrant will be exercisable at C$0.60 for one year. The strike price represents a 42.86% premium to C$0.42 closing share price on Sept. 13.
Proceeds will be used to undertake the company's planned work program on the Ocana project, for initial payments to the Manlio Bassino Pinasco and Percy Samaniego Pimentel for acquiring the property and for general working capital.
The private placement is a requirement for the company to acquire the Ocana property.
Based in Vancouver, B.C., Indico is a resource exploration company.
| Issuer: | Indico Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 14
|
| Stock symbol: | TSX Venture: IDI
|
| Stock price: | C$0.42 at close Sept. 13
|
| Market capitalization: | C$1.47 million
|
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