By Devika Patel
Knoxville, Tenn., June 16 - Armistice Resources Corp. said it completed a private placement of stock and units for C$3.24 million. The deal priced for C$4 million on June 5.
The company sold 2,701,250 flow-through common shares at C$0.40 apiece for C$1.08 million.
Armistice also sold 6,165,001 units of one common share and one half-share warrant at C$0.35 per unit for C$2.16 million. Each whole warrant will be exercisable at C$0.45 for 18 months.
The warrants may expire sooner if the company's shares close above C$0.70 for 30 consecutive trading days.
D & D Securities Co. was the agent.
Armistice intends to use the proceeds from the share portion of the offering for underground exploration at its McGarry project. The proceeds from the unit portion will be used for exploration, general corporate purposes and working capital.
Armistice is an exploration company based in Toronto.
| Issuer: | Armistice Resources Corp.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$3,238,250
|
| Agent: | D & D Securities Co.
|
| Pricing date: | June 5
|
| Settlement date: | June 16
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.45 at close June 4
|
|
|
| Shares
|
| Amount: | C$1,080,500
|
| Shares: | 2,701,250
|
| Price: | C$0.40
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$2,157,750
|
| Units: | 6,165,001
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
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