By Sheri Kasprzak
New York, Dec. 15 - Metanor Resources Inc. said it has increased to C$6.62 million its previously announced C$5 million private placement through the addition of flow-through units.
The offering now includes up to 8,333,333 A units at C$0.60 each and up to 600 B units at C$2,700 each.
The A units include one share and one warrant. The warrants are exercisable at C$0.85 each for 18 months.
Each B unit includes 3,000 flow-through shares at C$0.70 each, 1,000 non flow-through shares at C$0.60 each and 2,000 warrants.
The warrants are exercisable at C$0.85 each for 18 months.
The offering was first announced Nov. 9 as a C$5 million offering under the same terms without the B units.
Desjardins Securities Inc. is the placement agent and has an over-allotment option for up to 15% of the total number of A units.
Proceeds will be used for exploration on the company's Bachelor Lake, Dubuisson, Opinaca and Wahnapitei properties.
Based in Val-d'Or, Quebec, Metanor is a mineral exploration company.
| Issuer: | Metanor Resources Inc.
|
| Issue: | A units of one share and one warrant; B units of 3,000 flow-through shares, 1,000 non flow-through shares and 2,000 warrants
|
| Amount: | C$6.62 million
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| Placement agent: | Desjardins Securities Inc.
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| Pricing date: | Nov. 9
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| Upsized: | Dec. 15
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| Stock price: | C$0.60 at close Nov. 9
|
| Stock price: | C$0.65 at close Dec. 14
|
|
|
| A units
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| Units: | 8,333,333 (maximum)
|
| Greenshoe: | For up to 15% of the units offered
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| Price: | C$0.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.85
|
|
|
| B units
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| Units: | 600
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| Price: | C$2,700
|
| Warrants: | For 2,000 shares per unit
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| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
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