By Devika Patel
Knoxville, Tenn., Nov. 15 - Tarsis Capital Corp. announced that it will increase the size of a private placement of units and stock to raise C$4.38 million. The deal priced on Nov. 8 for C$3.2 million.
The company still will sell up to 3 million flow-through shares at C$0.90 per share for C$2.7 million but said it was increasing the size of its units offering.
The company now will sell up to 2.4 million units, increased from its planned sale of 750,000 units, at C$0.70 apiece for C$1.68 million. Each unit will consist of one common share and one half-share warrant, with each warrant exercisable at C$1.00 for 18 months.
As previously reported, proceeds will be used for exploration and general working capital.
Tarsis will pay 7% cash finder's fee and 7% in finder's warrants. Each of these warrants is exercisable at C$0.70 for 18 months.
Based in Vancouver, B.C., Tarsis is a capital pool company.
| Issuer: | Tarsis Capital Corp.
|
| Issue: | Units of one common share and one half-share warrant; flow-through shares
|
| Amount: | C$4.38 million
|
| Fees: | 7% in cash and warrants
|
| Pricing date: | Nov. 8
|
| Upsized: | Nov. 15
|
| Stock symbol: | TSX Venture: TCC
|
| Stock price: | C$0.71 at close Nov. 7
|
|
|
| Units
|
| Amount: | C$1.68 million
|
| Units: | 2.4 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
|
|
| Flow-through shares
|
| Amount: | C$2.7 million
|
| Shares: | 3 million
|
| Price: | C$0.90
|
| Warrants: | No
|
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