By Sheri Kasprzak
New York, Nov. 1 - Absolut Resources Corp. said it has arranged a private placement for up to C$1.8 million.
The company intends to sell up to 3 million units at C$0.60 each on a non-brokered basis.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.00 each for 18 months.
Proceeds will be used for exploration on the company's Pico Machay gold project in Peru.
Based in Toronto, Absolut is a gold exploration company.
| Issuer: | Absolut Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.8 million (maximum)
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| Units: | 3 million (maximum)
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.00
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| Placement agent: | Non-brokered
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| Pricing date: | Nov. 1
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| Stock price: | C$0.56 at close Oct. 31
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