By Devika Patel
Knoxville, Tenn., Oct. 12 - Acero-Martin Exploration, Inc. said it intends to conduct a non-brokered private placement of units to raise up to C$2 million.
The company will sell up to 5,714,285 units at C$0.35 apiece. Each unit consists of share and one half-share warrant. Each whole warrant is exercisable into at C$0.50 for one year.
Proceeds will be used for exploration and development of and for general working capital purposes.
Vancouver, B.C.-based Acero-Martin is a mineral exploration company.
| Issuer: | Acero-Martin Exploration, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 5,714,285
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 12
|
| Stock symbol: | TSX Venture: ASD
|
| Stock price: | C$0.35 at close Oct. 12
|
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