Company issues two types of unit to fund exploration, working capital
By Devika Patel
Knoxville, Tenn., Jan. 5 - Aroway Minerals Inc. announced it settled a non-brokered private placement of units. The deal raised C$5.02 million.
The company sold 8,375,750 flow-through units at C$0.40 apiece for C$3.35 million. The flow-through units consist of one flow-through common share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 until Dec. 22, 2011.
The company also sold 4,638,056 units at C$0.36 apiece for C$1.67 million. These units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.45 for one year.
The strike price of the unit warrants is a 10% discount to the Jan. 4 closing share price of C$0.50.
Proceeds will be used for exploration and general working capital.
Vancouver, B.C.-based Aroway is a junior oil and gas production and exploration company.
| Issuer: | Aroway Minerals Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$5.02 million
|
| Warrants: | One half-share warrant per unit
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 5
|
| Stock symbol: | TSX Venture: ARW
|
| Stock price: | C$0.50 at close Jan. 4
|
| Market capitalization: | C$3.27 million
|
|
|
| Flow-through units
|
| Amount: | C$3,350,300
|
| Units: | 8,375,750
|
| Price: | C$0.40
|
| Warrant expiration: | Dec. 22, 2011
|
| Warrant strike price: | C$0.50
|
|
|
| Units
|
| Amount: | C$1,669,700
|
| Units: | 4,638,056
|
| Price: | C$0.36
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.45
|
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