Proceeds fund work program, development of Waverley-Tangier project
By Devika Patel
Knoxville, Tenn., Feb. 16 - Armadillo Resources Ltd. said it plans a private placement of units. The offering is expected to raise C$1.95 million.
The company will sell 13 million units at C$0.15 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.20 for one year. The strike price is a 47.37% discount to the Feb. 15 closing share price of C$0.38.
Proceeds will be used for a 2011 work program on the Amazon Basin projects, further development of the Waverley-Tangier project and corporate use.
The Vancouver, B.C., company explores for base and precious metals.
| Issuer: | Armadillo Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.95 million
|
| Units: | 13 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Pricing date: | Feb. 16
|
| Stock symbol: | TSX Venture: ARO
|
| Stock price: | C$0.38 at close Feb. 15
|
| Market capitalization: | C$8.27 million
|
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