Deal proceeds will advance the company's assets, fund working capital
By Devika Patel
Knoxville, Tenn., Sept. 27 - Armistice Resources Corp. said it will raise about C$5 million in a private placement of units and stock. The deal will be conducted by Canaccord Genuity Corp.
The company will sell units of one common share and one half-share warrant at C$0.16 per unit. Each whole warrant is exercisable at C$0.25 for two years.
The company also will sell flow-through common shares at C$0.20 apiece.
The warrant strike price and price per share reflect 38.89% and 11.11% premiums to the Sept. 26 closing share price of C$0.18.
Settlement is expected Oct. 24.
Proceeds will be used to advance the company's assets and for general working capital purposes.
Armistice Resources is a gold exploration company based in Kirkland Lake, Ont.
| Issuer: | Armistice Resources Corp.
|
| Issue: | Flow-through common stock, units of one common share and one half-share warrant
|
| Amount: | C$5 million (approximate)
|
| Agent: | Canaccord Genuity Corp.
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| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 24
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.18 at close Sept. 24
|
| Market capitalization: | C$33.45 million
|
|
|
| Units
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
|
|
| Shares
|
| Price: | C$0.20
|
| Warrants: | No
|
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