Company offers equity to fund work on mining and petroleum properties
By Devika Patel
Knoxville, Tenn., Sept. 20 - Abington Resources Ltd. said it plans a C$1.2 million non-brokered private placement of units.
The company will sell 2 million units of one common share and one warrant at C$0.60 per unit.
Each whole two-year warrant will be exercisable at C$0.85. The strike price reflects a 3.67% premium to the Sept. 19 closing share price of C$0.82.
Proceeds will be used for work on mining and petroleum properties, working capital, general and administration expenses and the evaluation and acquisition of new properties.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Abington Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.2 million
|
| Units: | 2 million
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 20
|
| Stock symbol: | TSX Venture: ABL
|
| Stock price: | C$0.82 at close Sept. 19
|
| Market capitalization: | C$5.99 million
|
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