By Devika Patel
Knoxville, Tenn., Nov. 23 - Knight Resources Ltd. said it has closed the first tranche of a C$2.75 million non-brokered private placement of units, raising C$2.58 million. The deal priced Nov. 11.
The company is selling 34,375,000 units at C$0.08 apiece. It sold 32.2 million units in this tranche.
Each unit consists of one flow-through common share and one half-share warrant, with each whole warrant exercisable at C$0.12 for one year.
Proceeds will be used for exploration.
Knight Resources is a Vancouver, B.C.-based exploration-stage company focused on nickel, copper, cobalt, platinum and palladium projects.
| Issuer: | Knight Resources Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2.75 million
|
| Units: | 34,375,000
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 11
|
| Settlement date: | Nov. 23 (for C$2,576,000)
|
| Stock symbol: | TSX Venture: KNP
|
| Stock price: | C$0.075 at close Nov. 10
|
| Market capitalization: | C$7.25 million
|
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