By Devika Patel
Knoxville, Tenn., April 4 - Sulliden Exploration Inc. said it took in C$2.25 million from two non-brokered private placements. The units deal priced for C$2 million on March 31.
The company sold 5,714,286 units of one share and one warrant at C$0.35 per unit to Stan Bharti and Aberdeen International Inc. for C$2 million. Each warrant will be exercisable at C$0.45 for two years.
The warrants may expire sooner if Sulliden's shares close at C$0.75 or higher for 20 consecutive trading days. In that case, the warrants will expire 40 days after the company notifies holders.
Sulliden also sold 715,000 common shares to insiders at C$0.35 per share for C$250,250.
Proceeds will be used to finance the company's ongoing legal expenses incurred in defense of Sulliden's ownership of the Shahuindo property and for exploration and general working capital.
Sulliden is a mineral exploration company based in Montreal.
| Issuer: | Sulliden Exploration Inc.
|
| Amount: | C$2,250,250
|
| Settlement date: | April 4
|
| Agent: | Non-brokered
|
| Stock symbol: | Toronto: SUE
|
|
|
| First deal
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Units: | 5,714,286
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Investors: | Stan Bharti and Aberdeen International Inc.
|
| Pricing date: | March 31
|
| Stock price: | C$0.29 at close March 28
|
|
|
| Second deal
|
| Issue: | Common stock
|
| Amount: | C$250,250
|
| Shares: | 715,000
|
| Price: | C$0.35
|
| Warrants: | No
|
| Stock price: | C$0.70 at close April 3
|
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