By Sheri Kasprzak
Atlanta, May 9 - Kensington Resources Ltd. has completed a downsized private placement for C$31,000,190.
The company sold 4,255,400 flow-through shares at C$2.35 each and 10 million non flow-through units at C$2.10 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional non flow-through share at C$2.50 each for one year.
The deal was placed through a syndicate of placement agents led by Loewen, Ondaatje, McCutcheon Ltd. and including Westwind Partners Inc., National Bank Financial Inc., Research Capital Corp. and Wellington West Capital Markets Inc.
The offering was first announced April 22 as including 3,404,255.32 flow-through shares and 12,857,142.86 units under the same terms.
Based in Vancouver, B.C., Kensington is a mineral exploration and development company. It plans to use the proceeds from the flow-through shares for exploration on the Fort a la Corne project. The proceeds from the units will be used for exploration on the Fort a la Corne project and for general corporate purposes.
| Issuer: | Kensington Resources Ltd.
|
| Issue: | Flow-through shares and units of one common share and one half-share warrant
|
| Amount: | C$31,000,190
|
| Placement agents: | Loewen, Ondaatje, McCutcheon Ltd. (lead); Westwind Partners Inc.; National Bank Financial Inc.; Research Capital Corp.; Wellington West Capital Markets Inc.
|
| Pricing date: | April 22
|
| Settlement date: | May 9
|
| Stock price: | C$2.04 at close April 22
|
| Stock price: | C$2.09 at close May 6
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 4,255,400
|
| Price: | C$2.35
|
| Warrants: | No
|
|
|
| Units
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| Issue: | Units of one common share and one half-share warrant
|
| Units: | 10 million
|
| Price: | C$2.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.50
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