Funds used for exploration, drilling program at Bluffpoint property
By Devika Patel
Knoxville, Tenn., Oct. 3 - Kesselrun Resources Ltd. said it completed a C$1.01 million private placement of units. Bayfront Capital Partners Ltd. was the lead agent for the deal, which priced for C$1 million on Oct. 3.
The company sold 2.01 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 until Nov. 6, 2014. 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.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,005,000
|
| Units: | 2.01 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 6, 2014
|
| Warrant strike price: | C$0.75
|
| Agent: | Bayfront Capital Partners Ltd. (lead)
|
| Pricing date: | Oct. 3
|
| Stock symbol: | TSX Venture: KES
|
| Stock price: | C$0.50 at close Oct. 2
|
| Market capitalization: | C$8.45 million
|
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