By Devika Patel
Knoxville, Tenn., May 20 - AuEx Ventures, Inc. said it will take in up to C$11 million from a private placement of units.
The company will sell 5 million units of one common share and one half-share warrant at C$2.20 apiece. The whole two-year warrants are exercisable at C$2.75 in the first year and at C$3.30 thereafter.
The warrants may expire sooner if the volume-weighted average trading price of the company's shares is C$4.12 or higher for 20 consecutive trading days in the first year or C$4.95 or higher for 20 consecutive trading days in the second year. In that case, the warrants will expire 30 days after the company notifies holders.
Haywood Securities Inc. and Dundee Securities Corp. are the agents.
Proceeds will be used to fund the company's participating interest in the Long Canyon Venture, maintenance and exploration of existing projects and general working capital purposes.
Based in Vancouver, B.C., AuEx is a precious metals exploration company.
| Issuer: | AuEx Ventures, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$11 million
|
| Units: | 5 million
|
| Price: | C$2.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.75 in the first year, C$3.30 thereafter
|
| Agent: | Haywood Securities Inc. and Dundee Securities Corp.
|
| Pricing date: | May 19
|
| Stock symbol: | Toronto: XAU
|
| Stock price: | C$2.45 at close May 19
|
| Market capitalization: | C$70.6 million
|
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