By Laura Lutz
Des Moines, May 2 - Metanor Resources Inc. announced terms for a private placement of units for up to C$15 million.
The company plans to sell up to 18.75 million units of one share and one half-share warrant at C$0.80 per unit. Each whole warrant will be exercisable at C$1.00 for five years.
The deal will be placed through a syndicate of agents led by Canaccord Adams and including Industrial Alliance Securities Inc. and Raymond James Ltd.
The agents have a greenshoe for up to 15% of the deal size, exercisable for 30 days after closing.
Settlement is expected on May 15.
Proceeds will be used for work on the company's Barry gold project, for an upgrade of its Bachelor gold mill, for exploration and development, and for general corporate purposes.
Metanor is a mining company based in Val-d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15 million
|
| Units: | 18.75 million
|
| Greenshoe: | For 15%
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.00
|
| Agents: | Canaccord Adams (lead), Industrial Alliance Securities Inc., Raymond James Ltd.
|
| Pricing date: | May 2
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.85 at close May 1
|
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