Non-brokered deal sells shares, two-year warrants at C$0.12 per unit
By Devika Patel
Knoxville, Tenn., Oct. 16 - Majescor Resources Inc. said it plans a C$2.4 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.12 per unit. Each two-year warrant will be exercisable at C$0.18. The strike price is a 38.46% premium to C$0.13, the Oct. 15 closing share price.
Settlement is expected Nov. 1.
Proceeds will be used for surface work on the Somine project in Haiti, completion of the NI 43-101 resource estimate and report and general working capital requirements.
Based in Montreal, Majescor is a copper, gold and uranium exploration company.
| Issuer: | Majescor Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.4 million
|
| Units: | 20 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 1
|
| Stock symbol: | TSX Venture: MJX
|
| Stock price: | C$0.13 at close Oct. 15
|
| Market capitalization: | C$7.95 million
|
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