By Devika Patel
Knoxville, Tenn., Dec. 28 - Armistice Resources Corp. announced that it has completed a private placement of units, raising C$3.32 million. The deal priced on Nov. 22 for C$5 million.
The company amended the terms of the placement, selling 1,659,342 units at C$0.65 per unit for C$1.08 million and 2,988,944 flow-through units at C$0.75 apiece for C$2.24 million.
When the deal priced, the company planned to sell 1.8 million units at C$0.70 apiece for C$1.26 million. The company also planned to sell 4.4 million flow-through units at C$0.85 apiece for C$3.74 million.
Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$1.00 for 18 months.
Each flow-through unit consists 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 Securities Co. was the agent. D&D received 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.
Proceeds of the flow-through portion of the offering will be used for exploration at the company's McGarry project. The proceeds from the non flow-through portion of the deal will be used for exploration, general corporate purposes and working capital.
Armistice is an exploration company based in Toronto.
| Issuer: | Armistice Resources Corp.
|
| 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
|
| Amount: | C$3,320,280
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Agent: | D & D Securities Co.
|
| Fees: | 7% in cash, 10% in broker's warrants
|
| Pricing date: | Nov. 23
|
| Amended: | Dec. 28
|
| Settlement date: | Dec. 28
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.64 at close Nov. 23
|
|
|
| Units
|
| Amount: | C$1,078,572
|
| Units: | 1,659,342
|
| Price: | C$0.65
|
|
|
| Flow-through units
|
| Amount: | C$2,241,708
|
| Units: | 2,988,944
|
| Price: | C$0.75
|
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