By Sheri Kasprzak
Atlanta, April 29 - Kermode Resources Ltd. has increased to C$1.7 million its previously announced C$1.5 million private placement.
The company now plans to sell 6.8 million units at C$0.25 each, as opposed to the 6 million units the company initially planned to sell.
The units include one share and one half-share warrant. The whole warrants provide for an additional share at C$0.35 each for two years.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$0.75 per share for 30 consecutive trading days after closing.
Based in Vancouver, B.C., Kermode is a gold exploration company. It plans to use the proceeds for drilling on its Jackson's Arm property in Newfoundland and for working capital.
| Issuer: | Kermode Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.7 million
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| Units: | 6.8 million
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
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| Pricing date: | April 12
|
| Upsized: | April 28
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| Stock price: | C$0.25 at close April 12
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| Stock price: | C$0.30 at close April 28
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