By Devika Patel
Knoxville, Tenn., Feb. 29 - Acero-Martin Exploration, Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell up to 6 million units at C$0.25 apiece. Each unit consists of share and one warrant. Each warrant is exercisable into at C$0.35 for two years.
Proceeds will be used for exploration and development of the company's Pinaya gold-copper project 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 warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Settlement date: | Feb. 29
|
| Stock symbol: | TSX Venture: ASD
|
| Stock price: | C$0.35 at close Feb. 28
|
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