Non-brokered offering to fund exploration and general working capital
By Devika Patel
Knoxville, Tenn., June 25 – Mega Precious Metals Inc. said it increased a non-brokered private placement of units to C$5 million from C$3 million due to demand. The deal priced on June 17.
The company will sell units of one common share and one half-share warrant at C$0.11 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.12 per unit.
Each whole 18-month warrant will be exercisable at C$0.15, a 36.36% premium to the June 16 closing share price of C$0.11.
Pacific Road Resources Fund will participate.
Settlement is expected July 15.
Proceeds will be used for exploration and general working capital.
Mega is a precious metal exploration company based in Thunder Bay, Ont.
| Issuer: | Mega Precious Metals Inc.
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| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
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| Amount: | C$5 million
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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$0.15
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| Agent: | Non-brokered
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| Investor: | Pacific Road Resources Fund
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| Pricing date: | June 17
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| Upsized: | June 25
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| Settlement date: | July 15
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| Stock symbol: | TSX Venture: MGP
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| Stock price: | C$0.11 at close June 16
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| Market capitalization: | C$14.14 million
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| Units
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| Price: | C$0.11
|
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| Flow-through units
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| Price: | C$0.12
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