By Devika Patel
Knoxville, Tenn., May 14- Strongbow Exploration Inc. said it has arranged a private placement of units for C$3 million. It also plans to raise C$300,000 in a non-brokered deal.
The company will sell 7.5 million units of one flow-through share and one half-share warrant at C$0.40 per unit in the brokered deal. Each one-year warrant is exercisable at C$0.45.
The brokered portion will be conducted by Canaccord Capital Corp. as its lead agent in a syndicate with Haywood Securities Inc. The agents have a greenshoe for 1.75 million units, or C$700,000.
The company also will sell 750,000 units in the non-brokered deal.
Proceeds will be used for exploration of Strongbow's Snowbird nickel project properties, including the Nickel King property, and its other Canadian mineral properties.
Strongbow is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Strongbow Exploration Inc.
|
| Issue: | Units of one flow-through share and one half-share warrant
|
| Amount: | C$3.3 million
|
| Greenshoe: | C$700,000
|
| Units: | 8.25 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered (for C$300,000), Canaccord Capital Corp. (lead) Haywood Securities Inc.
|
| Pricing date: | May 14
|
| Stock symbol: | TSX Venture: SBW
|
| Stock price: | C$0.38 at close May 13
|
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