By Devika Patel
Knoxville, Tenn., Aug. 24 - Ontex Resources Ltd. announced that it took in C$5 million in a private placement of units and stock.
The company sold 12.5 million flow-through common shares at C$0.20 per share and 12.5 million units at C$0.20 apiece. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.35 for 18 months. Insiders participated for 4.9% of the offering.
Proceeds will be used for exploration and general working capital purposes.
Ontex is based in London, Ont.
| Issuer: | Ontex Resources Ltd.
|
| Issue: | Units of one common share and one warrant; flow-through common shares
|
| Amount: | C$5 million
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| Price: | C$0.20
|
| Settlement date: | Aug. 24
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| Stock symbol: | Toronto: ONT
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| Stock price: | C$0.35 at close Aug. 24
|
| Market capitalization: | C$36.6 million
|
|
|
| Units
|
| Units: | 12.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
|
|
| Common shares
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| Shares: | 12.5 million
|
| Warrants: | No
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