By Sheri Kasprzak
New York, Aug. 3 - Kermode Resources Ltd. said it has closed a downsized private placement for C$1 million.
The company sold 5 million units at C$0.20 each.
The units are comprised of one share and one half-share warrant. The full warrants allow for the purchase of an additional share at C$0.30 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.
The offering was first announced July 20 as a C$1.36 million deal of 6.8 million units at C$0.20 each.
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 million
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| Units: | 5 million
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| Price: | C$0.20
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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$0.30
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| Pricing date: | July 19
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| Settlement date: | Aug. 2
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| Stock price: | C$0.20 at close July 19
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| Stock price: | C$0.195 at close Aug. 2
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