By Devika Patel
Knoxville, Tenn., Nov. 28 - SLAM Exploration Ltd. said it has closed the third and final tranche of a C$1.75 million non-brokered private placement of units, taking in C$250,000. The company also said it raised C$500,000 in another placement of units, which priced on Oct. 25.
The first deal priced on Oct. 9 for C$1.5 million and was boosted to C$2 million on Oct. 15. In the first tranche, which settled on Oct. 23, SLAM raised C$400,000. The second tranche closed on Oct. 25 for C$1.1 million.
SLAM sold a total of 7 million units of one flow-through common share and one half-share warrant at C$0.25 per unit. It originally intended to sell 8 million units at that price. Each whole warrant will be exercisable into one non flow-through common share at C$0.50 for two years.
In this tranche, the company sold 1 million units. As previously reported, in the first tranche, SLAM sold 1.6 million units. It sold 4.4 million units in the second tranche.
The securities will have a four-month hold period.
SLAM said it paid PI Financial Corp. a 6% finder's fee in cash and units. Each unit consists of one common share and one half share warrant. Each whole warrant is exercisable at C$0.50 for two years. PI also will receive compensation warrants equal to 6% of the number of units sold, each exercisable at C$0.30 for two years. Originally, the finder's fee was to be paid solely in cash.
The company also announced it completed another private placement on Nov. 16 in which it sold 2 million flow-through units at the same price and with the same terms as this deal to raise an additional C$500,000.
Proceeds from this placement will be used for drilling.
SLAM is a mineral resource company based in Miramichi, New Brunswick.
First placement
| Issuer: | SLAM Exploration Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.75 million
|
| Units: | 7 million
|
| Price: | C$0.25
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Fees: | 6% in cash and units; warrants equal to 6%
|
| Pricing date: | Oct. 9
|
| Upsized: | Oct. 15
|
| Settlement date: | Nov. 28
|
| Stock symbol: | TSX Venture: SXL
|
| Stock price: | C$0.18 at close Oct. 9
|
|
|
| First tranche
|
| Amount: | C$400,000
|
| Units: | 1.6 million
|
| Settlement date: | Oct. 23
|
|
|
| Second tranche
|
| Amount: | C$1.1 million
|
| Units: | 4.4 million
|
| Settlement date: | Oct. 25
|
|
|
| Third tranche
|
| Amount: | C$250,000
|
| Units: | 1 million
|
| Settlement date: | Nov. 28
|
|
|
| Second placement
|
| Issuer: | SLAM Exploration Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$500,000
|
| Units: | 2 million
|
| Price: | C$0.25
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 16
|
| Stock symbol: | TSX Venture: SXL
|
| Stock price: | C$0.165 at close Oct. 24
|
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