By Devika Patel
Knoxville, Tenn., Nov. 30 - Acero-Martin Exploration, Inc. said it has settled a non-brokered private placement of units, raising C$2.34 million. The deal priced on Oct. 12 and was upsized on Nov. 23 to C$2.38 million from C$2 million.
The company sold 6,698,185 units at C$0.35 apiece. It originally planned to sell 5,714,285 units at that price, then said it would sell 6,798,185 units when it upsized the deal. Each unit consists of one share and one half-share warrant. Each whole warrant is exercisable at C$0.50 for one year.
The company paid a C$127,827 cash finder's fee.
Proceeds will be used for exploration and development and for general working capital.
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$2,344,365
|
| Units: | 6,698,185
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Fees: | C$127,827
|
| Pricing date: | Oct. 12
|
| Upsized: | Nov. 23
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: ASD
|
| Stock price: | C$0.35 at close Oct. 12
|
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