By Devika Patel
Knoxville, Tenn., April 2 - Acero-Martin Exploration, Inc. said it has settled the first tranche of a C$1.5 million non-brokered private placement of units, raising C$888,500. The deal priced Feb. 29.
Acero-Martin sold 3,554,000 units at C$0.25 apiece in this tranche. The company plans to sell up to 6 million units total.
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
|
| Pricing date: | Feb. 29
|
| Settlement date: | April 2 (for C$888,500)
|
| Stock symbol: | TSX Venture: ASD
|
| Stock price: | C$0.35 at close Feb. 28
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
