By Sheri Kasprzak
Atlanta, March 9 - Metanor Resources Inc. said it will raise up to C$4.5 million in a private placement of units.
The deal includes up to 7.5 million units at C$0.60 each. The units are comprised of one share and one warrant.
The warrants provide for an additional share at C$0.85 each for 18 months.
The deal is expected to close March 24.
Based in Val-D'Or, Quebec, Metanor is a diamond exploration company. It plans to use the proceeds from the deal to pay the balance of the purchase price of its Bachelor Lake property, for the development of the property and for working capital.
| Issuer: | Metanor Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$4.5 million (maximum)
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| Units: | 7.5 million (maximum)
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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
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| Pricing date: | March 9
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| Settlement date: | March 24
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| Stock price: | C$0.70 at close March 8
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