By Sheri Kasprzak
Atlanta, May 19 - Skeena Resources Ltd. said it has reduced the size of its previously announced private placement to C$1.5 million from C$2 million.
The new offering includes 3.75 million units at C$0.40 each.
The units are comprised of one share and one warrant. The warrants allow for an additional share at C$0.75 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 each for 10 consecutive trading days.
The offering was first announced May 9, as a C$2 million offering comprised of 4 million units at C$0.50 each. The terms of the warrants remain the same.
Skeena has also dropped First Associates Investments Inc. as placement agent on the deal and will now conduct the offering on a non-brokered basis.
Based in Vancouver, B.C., Skeena is a gold exploration company. It plans to use the proceeds for its El Corazon gold project in Ecuador and for general corporate purposes.
| Issuer: | Skeena Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.5 million
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| Units: | 3.75 million
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.75
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| Pricing date: | May 18
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| Stock price: | C$0.40 at close May 18
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