By Laura Lutz
Des Moines, Aug. 11 - Solex Resources Corp. settled a private placement of units with Sprott Asset Management Inc. for C$2 million.
The company sold 4,545,454 units of one common share and one half of a non-transferable share purchase warrant.
Each whole warrant can be exercised at a price of C$0.75 for 18 months. In the event that the common shares of Solex trade at a price of C$1.00 or greater for 21 consecutive trading days, the subscriber will have 30 days to exercise its warrants or the warrants will be cancelled.
After this deal, Sprott Asset Management is the largest single shareholder in Solex.
Vancouver, B.C.-based Solex is a mineral exploration company focused on uranium and base metals properties in Peru.
| Issuer: | Solex Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2 million
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| Units: | 4,545,454
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.75
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| Investor: | Sprott Asset Management
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| Settlement date: | Aug. 11
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| Stock symbol: | TSX Venture: SOX
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| Stock price: | C$0.44 at close Aug. 10
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