By Sheri Kasprzak
New York, Feb. 6 - Avery Resources Inc. said it intends to raise up to C$2 million in a private placement.
The company will sell up to 5 million shares at C$0.40 each.
Placement agent Canaccord Capital Corp. will have a greenshoe for up to 750,000 shares.
Also, the company will be conducting a C$2 million financing under a short-form prospectus with the same terms.
Proceeds will be used for exploration and development of the company's properties in the Cooper basin on Australia. The rest will be used for debt retirement and working capital.
Based in Calgary, Alta., Avery is an oil and natural gas exploration company.
| Issuer: | Avery Resources Inc.
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| Issue: | Stock
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| Amount: | C$2 million (maximum)
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| Shares: | 5 million (maximum)
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| Greenshoe: | For 750,000 shares
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| Price: | C$0.40
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| Warrants: | No
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | Feb. 6
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| Stock symbol: | TSX Venture: ARY
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| Stock price: | C$0.47 at close Feb. 6
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