By Devika Patel
Knoxville, Tenn., Nov. 9 - Ontex Resources Ltd. announced that it plans to raise C$4 million in a private placement of units and stock.
The company will sell common shares at C$0.90 per share and units at C$0.275 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.60 for one year.
The company did not specify how many of the shares and units it planned to issue.
Proceeds will be used for exploration of Ontex's Brookbank Gold property.
Ontex is based in London, Ont.
| Issuer: | Ontex Resources Ltd.
|
| Issue: | Units of one common share and one warrant; common shares
|
| Amount: | C$4 million
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| Pricing date: | Nov. 9
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| Stock symbol: | Toronto: ONT
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| Stock price: | C$0.55 at close Nov. 9
|
|
|
| Units
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| Price: | C$0.275
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
|
|
| Common shares
|
| Price: | C$0.90
|
| Warrants: | No
|
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