By Devika Patel
Knoxville, Tenn., May 13 - Apogee Minerals Ltd. announced that it raised C$2.79 million in the first tranche of a non-brokered private placement of units. The deal priced for C$2.75 million with a C$500,000 greenshoe on April 29.
The company is selling the units of one common share and one half-share warrant at C$0.10 each. It sold 27.85 million units in this tranche. The whole warrants are exercisable at C$0.20 each for two years.
Proceeds will be used to continue development of key projects and for 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 one half-share warrant
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Amount: | C$2.75 million
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Greenshoe: | C$500,000
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Price: | C$0.10
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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$0.20
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Agent: | Non-brokered
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Pricing date: | April 29
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Settlement date: | May 13 (for C$2,785,000)
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Stock symbol: | TSX Venture: APE
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Stock price: | C$0.09 at close April 28
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Market capitalization: | C$9.94 million
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