Warrant expiration extended and warrant strike price amended
By Angela McDaniels
Tacoma, Wash., Aug. 21 - Auracle Resources Ltd. amended the terms of its non-brokered private placement of units and decreased the size to C$1 million from C$2 million, according to a company news release.
The company will now sell 10 million units of one common share and one warrant for C$0.10 per unit. Each warrant is exercisable for five years. The exercise price is C$0.20 in years one and two, C$0.30 in year three, C$0.40 in year four and C$0.50 in year five.
When the placement priced on June 4, the company had planned to sell 13,333,333 units for C$0.15 each, and each warrant was going to be exercisable for two years at C$0.30.
The initial exercise price of the warrants is an 81.8% premium to the June 1 closing price of C$0.11.
Proceeds will be used to explore the company's assets in Arizona and for general working capital.
The gold and silver explorer is based in Vancouver, B.C.
| Issuer: | Auracle Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | C$0.20 in years one and two, C$0.30 in year three, C$0.40 in year four and C$0.50 in year five
|
| Agent: | Non-brokered
|
| Pricing date: | June 4
|
| Amended: | Aug. 21
|
| Stock symbol: | TSX Venture: AAL
|
| Stock price: | C$0.11 at close June 1
|
| Market capitalization: | C$3.46 million
|
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