Deal funds exploration, working capital; Secutor Capital is the agent
By Devika Patel
Knoxville, Tenn., Oct. 30 – Metanor Resources Inc. said it arranged a C$4 million private placement of units. The deal will be conducted by Secutor Capital Management Corp.
The company will sell 40 million units of one common share and one half-share warrant at C$0.05 per unit and 33,333,333 flow-through units of one flow-through common share and one half-share warrant at C$0.06 per unit.
Each whole warrant is exercisable at C$0.065 for three years. The strike price reflects a 62.5% premium to the Oct. 29 closing share price of C$0.04.
Proceeds will be used for exploration work on Metanor's Quebec properties and general working capital.
Metanor is a mining exploration company based in Val d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
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| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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| Amount: | C$4 million
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.065
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| Agent: | Secutor Capital Management Corp.
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| Pricing date: | Oct. 30
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| Stock symbol: | TSX Venture: MTO
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| Stock price: | C$0.04 at close Oct. 29
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| Market capitalization: | C$16.05 million
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| Units
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| Amount: | C$2 million
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| Units: | 40 million
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Flow-through units
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| Amount: | C$2 million
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| Units: | 33,333,333
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| Price: | C$0.06
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| Warrants: | One half-share warrant per unit
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