Agent M Partners helps finance company's SOMINE exploration project
By Devika Patel
Knoxville, Tenn., March 27 - Majescor Resources Inc. said it took in C$135,000 in the second and final tranche of a C$2.72 million private placement of units. The offering was conducted by agent M Partners Inc. and priced for between C$2 million and C$3 million on Feb. 9; the deal raised C$2.59 million on March 2.
The company sold 10.88 million units of one common share and one half-share warrant at C$0.25 apiece. It sold 10.34 million units in the first tranche and 540,000 units in the second.
Each whole warrant is exercisable at C$0.40 until March 22, 2014. The strike price represents a 56.86% premium to the Feb. 8 closing share price of C$0.255.
Proceeds will be used to advance the SOMINE exploration project in Haiti and for general working capital.
Based in Montreal, Majescor is a copper, gold and uranium exploration company.
| Issuer: | Majescor Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.72 million
|
| Units: | 10.88 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 22, 2014
|
| Warrant strike price: | C$0.40
|
| Agent: | M Partners Inc.
|
| Pricing date: | Feb. 9
|
| Settlement dates: | March 2 (for C$2,585,000), March 27 (for C$135,000)
|
| Stock symbol: | TSX Venture: MJX
|
| Stock price: | C$0.255 at close Feb. 8
|
| Market capitalization: | C$13.19 million
|
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