By Devika Patel
Knoxville, Tenn., Nov. 26 - Armistice Resources Corp. announced on Nov. 22 that it has engaged D & D Securities Co. for a C$5 million private placement of units.
The company will sell 1.8 million units at C$0.70 apiece for C$1.26 million. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$1.00 for 18 months.
The company also will sell 4.4 million flow-through units at C$0.85 apiece for C$3.74 million. Each flow-through unit will consist of one flow-through common share and one half-share warrant, with each whole warrant also exercisable at C$1.00 for 18 months.
The warrants may expire sooner if Armistice's shares close at C$1.15 or higher for 30 consecutive trading days.
D&D will receive a 7% cash commission and broker's warrants exercisable into a number of common shares equal to 10% of the number of units sold in the deal. Each broker's warrant will be exercisable at C$0.70 per share for 18 months.
The deal is expected to close on Nov. 30.
Armistice is an exploration company based in Toronto.
Issuer: | Armistice Resources Corp.
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Issue: | Units of one common share and one half-share warrant; flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$5 million
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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$1.00
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Agent: | D & D Securities Co.
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Fees: | 7% in cash, 10% in broker's warrants
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Stock symbol: | Toronto: AZ
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Stock price: | C$0.64 at close Nov. 23
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Units
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Amount: | C$1.26 million
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Units: | 1.8 million
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Price: | C$0.70
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Flow-through units
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Amount: | C$3.74 million
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Units: | 4.4 million
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Price: | C$0.85
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