By Devika Patel
Knoxville, Tenn., April 30 - Apogee Minerals Ltd. said it completed the first tranche of a C$1.5 million non-brokered private placement of units, raising C$1.31 million. The deal priced as a stock offering in February and was amended on March 11 to include units.
The company plans to sell 25 million units at C$0.06 per unit. It sold 21,829,033 units in this tranche.
Each unit consists of one common share and a half-share warrant, with each whole warrant exercisable at C$0.10 for two years.
Proceeds will be used for development of key projects and working capital purposes.
Toronto-based Apogee is a producer of silver, zinc and lead.
Issuer: | Apogee Minerals Ltd.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1.5 million
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Shares: | 25 million
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Price: | C$0.06
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Feb. 18
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Revised: | March 11
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Settlement date: | April 30 (for $1,309,742)
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Stock symbol: | TSX Venture: APE
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Stock price: | C$0.075 at close Feb. 17
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Market capitalization: | C$3.35 million
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