By Devika Patel
Knoxville, Tenn., March 20 - Medoro Resources Ltd. said it has completed a private placement of units, taking in C$12.32 million. The deal priced for C$10 million on Feb. 27 and was increased to C$20 million on March 6.
Medoro sold 30.81 million units of one common share and one half-share warrant at C$0.40 apiece. The company had planned to sell 50 million units, increased from its original planned sale of 25 million units.
Each whole two-year warrant will be exercisable at C$0.60.
GMP Securities LP was the agent.
Proceeds will be used for exploration and drilling in Venezuela and Mali, as well as for other general and corporate purposes.
Toronto-based Medoro is a gold exploration and development company.
| Issuer: | Medoro Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$12,324,000
|
| Units: | 30.81 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | GMP Securities LP
|
| Pricing date: | Feb. 27
|
| Upsized: | March 6
|
| Settlement date: | March 20
|
| Stock symbol: | TSX Venture: MRS
|
| Stock price: | C$0.425 at close Feb. 26
|
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