Deal funds exploration, working capital; Secutor Capital is the agent
By Devika Patel
Knoxville, Tenn., Nov. 19 – Metanor Resources Inc. said it raised C$842,327 in the second tranche of a C$4 million private placement of units. The deal is being conducted by Secutor Capital Management Corp. and priced on Oct. 30, raising C$2,664,800 on Nov. 6.
The company is selling 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.
Metanor sold 29.68 million units and 19.68 million flow-through units in the first tranche, and it sold 5 million units and 9,872,116 flow-through units in the second tranche.
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.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$4 million
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.065
|
| Agent: | Secutor Capital Management Corp.
|
| Pricing date: | Oct. 30
|
| Settlement dates: | Nov. 6 (for C$2,664,800), Nov. 19 (for C$842,327)
|
| Stock symbol: | TSX Venture: MTO
|
| Stock price: | C$0.04 at close Oct. 29
|
| Market capitalization: | C$12.48 million
|
|
|
| Units
|
| Amount: | C$2 million
|
| Units: | 40 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$2 million
|
| Units: | 33,333,333
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
