Company aims to sell up to 12 million units of one share and a warrant
By Devika Patel
Knoxville, Tenn., Feb. 9 - Nevado Resources Corp. said it plans a private placement of units. It will raise between C$4.8 million and C$7.2 million on a commercially reasonable efforts basis.
The company will sell between 8 million and 12 million units at C$0.60 apiece. The units consist of one class A share and a warrant, with each warrant exercisable at C$0.75 for two years. The strike price represents an 8.7% premium to the Feb. 8 closing share price of C$0.69.
Based in Montreal, Nevado owns six properties in Quebec in two separate metallogenic environments, one in high grade iron-titanium-vanadium and one in gold.
| Issuer: | Nevado Resources Corp.
|
| Issue: | Units of one class A share and a warrant
|
| Amount: | C$4.8 million (minimum), C$7.2 million (maximum)
|
| Units: | 8 million (minimum), 12 million (maximum)
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| Price: | C$0.60
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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$0.75
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| Pricing date: | Feb. 9
|
| Stock symbol: | TSX Venture: VDO
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| Stock price: | C$0.74 at close Feb. 9
|
| Market capitalization: | C$15.22 million
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