By Sheri Kasprzak
Atlanta, June 20 - Marksmen Resources Ltd. said it has arranged a private placement for up to C$1.5 million.
The company plans to sell at least C$750,000 and up to C$1.5 million in a combination of flow-through shares at C$0.20 each and units at C$0.15 each.
The precise division of flow-through shares and units has not yet been determined.
The units include one non flow-through share and one half-share warrant. The full warrants provide for an additional share at C$0.20 each for 18 months.
Pacific International Securities Inc. and PowerOne Capital Markets Ltd. are the placement agents.
In other news, Marksmen said its mineral properties have been spun off into a new company called Signet Minerals Inc.
The proceeds from the private placement will be used to fund Signet's drilling program on the Golden Eagle gold property in British Columbia. The remainder will be used to fund other exploration projects for Signet and for general operating purposes.
Based in Comox, B.C., Marksmen is a mineral, oil and natural gas exploration company.
Issuer: | Marksmen Resources Ltd.
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Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
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Amount: | C$1.5 million (maximum); C$750,000 (minimum)
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Placement agents: | Pacific International Securities Inc. and PowerOne Capital Markets Ltd.
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Pricing date: | June 17
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Stock price: | C$0.25 at close June 17
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Flow-through shares
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Issue: | Flow-through common shares
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Price: | C$0.20
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Warrants: | No
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Units
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Issue: | Units of one share and one half-share warrant
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Price: | C$0.15
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.20
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