New Issue: Ontex pockets C$3.65 million in placement of units, shares

By Devika Patel

Knoxville, Tenn., Nov. 30 - Ontex Resources Ltd. said it has raised C$3,649,499 in a private placement of units and stock. The deal priced for C$4 million on Nov. 9.

The company sold 9,698,177 common shares at C$0.275 per share, lowered significantly from its planned price of C$0.90 per share, for C$2,666,999, and 3,572,727 units at C$0.275 apiece for C$982,500. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.60 for one year.

Proceeds will be used for exploration of Ontex's Brookbank Gold property.

Ontex is a gold exploration company focused on precious metals exploration and development. The company is based in London, Ont.

Issuer:	Ontex Resources Ltd.
Issue:	Units of one common share and one warrant; common shares
Total amount:	C$3,649,499
Pricing date:	Nov. 9
Stock symbol:	Toronto: ONT
Stock price:	C$0.55 at close Nov. 9
Units
Amount:	C$982,500
Units:	3,572,727
Price:	C$0.275
Warrants:	One warrant per unit
Warrant expiration:	One year
Warrant strike price:	C$0.60
Common shares
Amount:	C$2,666,999
Shares:	9,698,177
Price:	C$0.275
Warrants:	No

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.