By Sheri Kasprzak
Atlanta, Dec. 14 - MetalCORP Ltd. said Tuesday it has completed a private placement for $3,339,185, less than the previously announced $5 million offering.
The company sold 2,857,405 flow-through common shares at $0.90 each and 959,400 units at $0.80 each.
The units include one common share and one half-share warrant. The whole warrants allow for an additional share at $1 through June 14, 2006.
On Nov. 15, the company announced a $5 million offering of up to 1.25 million units at $0.80 and up to 4.44 million flow-through shares at $0.90 per share.
Research Capital Corp. and McFarlane Gordon Inc. were the placement agents in the offering.
MetalCORP is a Thunder Bay, Ont.-based mineral exploration company. The company plans to use the proceeds from the units for general working capital and corporate purposes. The funds from the flow-through shares will be used for exploration on the company's six Ontario gold and base metal properties in 2005.
| Issuer: | MetalCORP Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | $3,339,185
|
| Placement agent: | Research Capital Corp. and McFarlane Gordon Inc.
|
| Announcement date: | Nov. 15
|
| Settlement date: | Dec. 14
|
| Stock price: | $0.67 at close Nov. 15
|
| Stock price: | $0.57 at close Dec. 13
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 2,857,405
|
| Price: | $0.90
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 959,400
|
| Price: | $0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 14, 2006
|
| Warrant strike price: | $1.00
|
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