By Sheri Kasprzak
New York, Aug. 23 - Santoy Resources Ltd. has priced a private placement for C$1.5 million.
The company plans to sell 2,222,222 flow-through units at C$0.45 each and 1.25 million non flow-through units at C$0.40 each.
The flow-through units include one flow-through share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$0.55 each for the first year and C$0.65 each for the second year.
The non flow-through units include one non flow-through share and one half-share warrant. The whole warrants are exercisable under the same terms as the warrants included with the flow-through units.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.75 for 20 consecutive trading days.
The proceeds will be used for uranium projects in British Columbia, Saskatchewan, Manitoba and Labrador, and to advance the company's coal and coal bed methane projects in Western Canada. The remainder will be used for working capital.
Santoy, based in Vancouver, B.C., is a mineral exploration company focused on energy sources.
| Issuer: | Santoy Resources Ltd.
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| Issue: | Flow-through and non flow-through units
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| Amount: | C$1.5 million
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| Pricing date: | Aug. 23
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| Stock price: | C$0.345 at close Aug. 23
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|
|
| Flow-through units
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| Issue: | Flow-through units of one share and one half-share warrant
|
| Units: | 2,222,222
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| Price: | C$0.45
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.55 for the first year; C$0.65 for the second year
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| Non flow-through units
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| Issue: | Non flow-through units of one share and one half-share warrant
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| Units: | 1.25 million
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55 for the first year; C$0.65 for the second year
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