By Sheri Kasprzak
New York, Oct. 3 - Maple Minerals Corp. said it has increased the size of its previously announced private placement to C$5 million from C$4 million.
The company will now sell up to 2 million units at C$2.50 each to Sprott Asset Management Inc.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$3.25 each for one year.
The offering was first announced Sept. 29 as a C$4 million deal comprised of 1.6 million units under the same terms.
Proceeds will be used for exploration and general corporate purposes.
In other news, Maple said it has appointed Arni Johnson as a director. Johnson received options for 100,000 shares, exercisable at C$2.75 each through Oct. 2, 2010.
Based in Toronto, Maple is a mineral exploration company.
| Issuer: | Maple Minerals Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 2 million (maximum)
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| Price: | C$2.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$3.25
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| Investor: | Sprott Asset Management Inc.
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| Pricing date: | Sept. 29
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| Upsized: | Oct. 3
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| Stock price: | C$2.84 at close Sept. 29
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| Stock price: | C$3.36 at close Oct. 3
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