By Devika Patel
Knoxville, Tenn., March 24 - Ord River Resources Ltd. said it plans a A$1.25 million private placement of shares.
The company plans to sell 69.5 million ordinary shares at A$0.018 each. The shares will be issued in two tranches, with 23.3 million being placed immediately and the remainder sold upon receiving shareholder approval.
Investors also will receive 3.75 million options, that are exercisable at A$0.05 until March 31, 2012.
Proceeds will be used for working capital and exploration activities.
Ord River is a gold and base metals exploration company based in Sydney, Australia.
| Issuer: | Ord River Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$1,251,000
|
| Shares: | 69.5 million
|
| Price: | A$0.018
|
| Options: | 3.75 million
|
| Option expiration: | March 31, 2012
|
| Option strike price: | A$0.05
|
| Pricing date: | March 24
|
| Stock symbol: | Australia: ORD
|
| Stock price: | A$0.02 at close March 24
|
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