By Sheri Kasprzak
New York, April 26 - Shear Minerals Ltd. said it has arranged a C$2.75 million private placement.
The company plans to sell up to 1,153,846 units at C$0.65 each and up to 2,857,143 flow-through shares at C$0.70 each on a non-brokered basis.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$0.80 for 18 months.
The proceeds from the flow-through shares will be used for exploration on the company's Canadian properties, particularly the Churchill diamond project.
Edmonton, Alta.-based Shear is a diamond exploration company.
| Issuer: | Shear Minerals Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$2.75 million (maximum)
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 26
|
| Stock symbol: | TSX Venture: SRM
|
| Stock price: | C$0.68 at close April 25
|
|
|
| Flow-through shares
|
| Shares: | 2,857,143
|
| Price: | C$0.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 1,153,846
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.80
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