Proceeds slated to develop the McGarry Mine Project, for exploration
By Devika Patel
Knoxville, Tenn., Dec. 30 - Armistice Resources Corp. said it raised C$3.9 million in the initial tranche of a C$5.65 million private placement of units.
The company is selling 113 million units of one common share and one warrant at C$0.05 per unit. It sold 78 million units in the first tranche.
Each three-year warrant is exercisable at C$0.08, a 100% premium to the Dec. 27 closing share price of C$0.04.
Proceeds will be used to develop the McGarry Mine Project, including test stoping and definition drilling, for exploration and for general corporate purposes.
Armistice Resources is a gold exploration company based in Kirkland Lake, Ont.
| Issuer: | Armistice Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.65 million
|
| Units: | 113 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.08
|
| Pricing date: | Dec. 30 (for C$3.9 million)
|
| Stock symbol: | Toronto: AZ
|
| Stock price: | C$0.04 at close Dec. 27
|
| Market capitalization: | C$11.36 million
|
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