Non-brokered deal will fund exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 17 - MetalCorp Ltd. said it plans a non-brokered private placement of units. The deal will raise C$1.8 million.
The company will sell 2 million units at C$0.125 apiece. Each unit consists of one common share and one half-share warrant.
MetalCorp also will sell 10 million flow-through units of one flow-through common share and one half-share warrant at C$0.155 per unit.
Each whole two-year warrant will be exercisable at C$0.25 in the first year and at C$0.30 in the second. The strike prices are 100% and 140% premiums to the Dec. 16 closing share price of C$0.125.
Proceeds will be used for exploration and general corporate purposes.
MetalCorp is a base and precious metals exploration company based in Toronto.
| Issuer: | MetalCorp Ltd.
|
| 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
|
| Amount: | C$1.8 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 in the first year, C$0.30 in the second year.
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 17
|
| Stock symbol: | TSX Venture: MTC
|
| Stock price: | C$0.12 at close Dec. 17
|
| Market capitalization: | C$7.84 million
|
|
|
| Units
|
| Amount: | C$250,000
|
| Units: | 2 million
|
| Price: | C$0.125
|
|
|
| Flow-through units
|
| Amount: | C$1.55 million
|
| Units: | 10 million
|
| Price: | C$0.155
|
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