Non-brokered deal finances diamond drilling at the Chita South target
By Devika Patel
Knoxville, Tenn., Aug. 15 – Minsud Resources Corp. said it plans a C$1.1 million non-brokered private placement of units.
The company will sell 11 million units of one common share and one warrant at C$0.10 per unit. The warrants are each exercisable at C$0.35 for two years. The strike price reflects a 400% premium to the Aug. 14 closing share price of C$0.07.
Proceeds will be used for a diamond drilling program at the Chita South porphyry target, option payments relating to the company’s material properties and general working capital purposes.
The Toronto company explores for precious and base metals.
Issuer: | Minsud Resources Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.1 million
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Units: | 11 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.35
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Agent: | Non-brokered
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Pricing date: | Aug. 15
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Stock symbol: | TSX Venture: MSR
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Stock price: | C$0.07 at close Aug. 14
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Market capitalization: | C$3.08 million
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