Offering of two types of units will fund exploration programs
By Toni Weeks
San Diego, Feb. 14 - Anconia Resources Corp. said it will conduct a non-brokered private placement of units and flow-through units to raise C$4 million. The offering can be increased by 20% with any combination of units and flow-through units to raise an additional C$800,000.
The company will sell units of one common share and one half-share warrant at C$0.20 per unit, with each whole warrant exercisable at C$0.27 per share for 18 months. The strike price is a 35% premium to C$0.20, the Feb. 13 closing share price.
Anconia will also sell flow-through units of one flow-through common share and one half-share warrant at C$0.23 per unit, with each whole warrant exercisable at C$0.30 for 18 months. The strike price is a 50% premium to that price.
Settlement is expected in late February. Insiders are expected to participate.
Proceeds will be used to conduct a comprehensive exploration program of three properties owned by the company in the Nunavut Territory in Canada, to acquire new properties, to expand existing land claims and for working capital purposes.
Anconia is a Toronto-based gold explorer.
| Issuer: | Anconia Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | C$800,000
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Announcement date: | Feb. 14
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| Stock symbol: | TSX Venture: ARA
|
| Stock price: | C$0.20 at close Feb. 13
|
| Market capitalization: | C$6.26 million
|
|
|
| Units:
|
| Price: | C$0.20
|
| Warrant strike price: | C$0.27
|
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|
| Flow-through units:
|
| Price: | C$0.23
|
| Warrant strike price: | C$0.30
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