Non-brokered deal to finance exploration and general working capital
By Devika Patel
Knoxville, Tenn., July 19 - Argus Metals Corp. said it settled a C$1.51 million non-brokered private placement of units. The deal priced for C$1.5 million on June 3 and was amended on June 20.
The company sold 15,085,000 units of one common share and one half-share warrant at C$0.10 per unit. The units originally were priced at C$0.15 each.
Each whole warrant is exercisable at C$0.25 for 18 months. The strike price is an 42.86% premium to C$0.175, the June 2 closing share price.
Proceeds will be used for exploration and general working capital purposes.
Argus is a gold explorer in Vancouver, B.C.
Issuer: | Argus Metals Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1,508,500
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Units: | 15,085,000
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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: | 18 months
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Warrant strike price: | C$0.25
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Agent: | Non-brokered
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Pricing date: | June 3
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Amended: | June 20
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Settlement date: | July 19
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Stock symbol: | TSX Venture: AML
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Stock price: | C$0.175 at close June 2
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Market capitalization: | C$6.62 million
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