By Sheri Kasprzak
Atlanta, Dec. 9 - Metanor Resources Inc. said Thursday it will raise up to C$5 million in a private placement.
The company plans to issue a maximum of 3,000 A units, 1,000 B units and 1,000 C units at C$1,000 each.
Each A unit includes 750 flow-through common shares, 375 common shares and 375 common-share warrants. The warrants in the A units allow for an additional share at C$1.25 each for two years.
The B units consist of 750 flow-through shares, 375 common shares and 375 common-share warrants. The B unit warrants allow for an additional share at C$1.25 each for two years.
Each C unit is comprised of 1,333 common shares and 1,333 common-share warrants. The warrants associated with the C units allow for an additional share at C$1.25 for two years.
The offering, which is being placed through agent Canaccord Capital Corp., is expected to close Dec. 31.
Based in Val-D'or, Quebec, Metanor is a diamond exploration company. The company will use the proceeds from the A units for Canadian exploration expenses on its properties before Dec. 31, 2005. The funds from the B units will be used for Canadian exploration expenses before Dec. 31, 2005. The proceeds from the C units will be used for working capital.
| Issuer: | Metanor Resources Inc.
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| Issue: | A units of 750 flow-through shares, 375 common shares and 375 warrants; B units 750 flow-through shares, 375 common shares and 375 warrants; and C units of 1,333 common shares and 1,333 warrants
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| Amount: | C$5 million
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| Shares: | 3,000 A units; 1,000 B units; 1,000 C units
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| Price: | C$1,000 per unit
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| Warrants: | 375 warrants in A and B units; 1,333 warrants in C units
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.25
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| Placement agent: | Canaccord Capital Corp.
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| Announcement date: | Dec. 9
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| Settlement date: | Dec. 31
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| Stock price: | C$0.78 at close Dec. 9
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