By Laura Lutz
Washington, Feb. 16 - Absolut Resources Corp. announced plans to conduct a C$3.5 million private placement of units.
The company intends to sell 7 million units of one share and one half-share non-transferable warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.75 for 18 months.
The deal will be non-brokered.
Proceeds will be used to advance the company's Pico Machay gold project in Peru.
Absolut is a Toronto-based gold exploration company.
| Issuer: | Absolut Resources Corp.
|
| Issue: | Units of one share and one half-share non-transferable warrant
|
| Amount: | C$3.5 million
|
| Units: | 7 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 16
|
| Stock symbol: | TSX Venture: ABS
|
| Stock price: | C$0.50 at close Feb. 16
|
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