By Devika Patel
Knoxville, Tenn., July 16 - Medoro Resources Ltd. said it has increased a private placement of units to C$8.63 million from C$7.5 million. The deal was arranged with agent GMP Securities LP on July 9.
The company now will sell 34.5 million units of one common share and one warrant at C$0.25 apiece on a best-efforts basis. Each two-year warrant will be exercisable at C$0.50.
Settlement is expected on July 22.
Proceeds will be used for the due diligence investigations and procedures on potential acquisition targets in Colombia, the establishment of Colombian operations and 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 warrant
|
| Amount: | C$8,625,000
|
| Units: | 34.5 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | GMP Securities LP
|
| Pricing date: | July 9
|
| Upsized: | July 16
|
| Settlement date: | July 22
|
| Stock symbol: | TSX Venture: MRS
|
| Stock price: | C$0.30 at close July 8
|
| Market capitalization: | C$28.4 million
|
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