By Sheri Kasprzak
Atlanta, June 21 - Avery Resources Inc. plans to head to the private placement market with a non-brokered unit offering for up to C$2 million.
The company plans to sell up to 8 million units at C$0.25 each.
The units include one share and one warrant. The warrants provide for the purchase of an additional share at C$0.30 each for 18 months.
Calgary, Alta.-based Avery is an oil and natural gas exploration company. The proceeds will be used for ongoing seismic and exploration expenses on the company's projects in Australia and the United Kingdom.
| Issuer: | Avery Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2 million (maximum)
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| Units: | 8 million (maximum)
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.30
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| Pricing date: | June 21
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| Stock price: | C$0.265 at close June 21
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