Funds used for exploration, drilling program at Bluffpoint property
By Devika Patel
Knoxville, Tenn., Oct. 3 - Kesselrun Resources Ltd. said it arranged a C$1 million private placement of units. Bayfront Capital Partners Ltd. is the lead agent.
The company will sell 2 million units of one common share and a half-share warrant at C$0.50 per unit. Each whole warrant is exercisable at C$0.75 for two years. The strike price is a 50% premium to the Oct. 2 closing share price of C$0.50.
Proceeds will be used for exploration and the drilling program at the Bluffpoint property in Ontario and for working capital purposes.
Kesselrun is a capital pool company in Thunder Bay, Ont.
Issuer: | Kesselrun Resources Ltd.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1 million
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Units: | 2 million
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Price: | C$0.50
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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$0.75
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Agent: | Bayfront Capital Partners Ltd. (lead)
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Pricing date: | Oct. 3
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Stock symbol: | TSX Venture: KES
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Stock price: | C$0.50 at close Oct. 2
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Market capitalization: | C$8.68 million
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