By Sheri Kasprzak
New York, May 5 - Oromonte Resources Inc. has arranged a non-brokered private placement for at least C$1.68 million.
The company intends to sell a minimum of 4.2 million units at C$0.40 apiece.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.50 each for one year.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$0.75 for more than 20 consecutive trading days.
The deal is expected to close May 30.
Proceeds will be used for a drilling program, for expansion of the company's production plant and for general corporate purposes.
Located in Calgary, Alta., Oromonte is a gold exploration company.
| Issuer: | Oromonte Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.68 million (minimum)
|
| Units: | 4.2 million (minimum)
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Placement agent: | Non-brokered
|
| Pricing date: | May 5
|
| Settlement date: | May 30
|
| Stock symbol: | TSX Venture: ORR
|
| Stock price: | C$0.455 at close May 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
