Deal offers 10 million units of a common share, one six-month warrant
By Devika Patel
Knoxville, Tenn., April 23 - Azure Resources Corp. said it plans a C$1.5 million non-brokered private placement of units. The deal will settle in three tranches of C$500,000 each.
The company will sell 10 million units of one common share and one warrant at C$0.15 per unit on a best-efforts basis.
Each warrant is exercisable at C$0.25 for six months.
The company also said it plans to consolidate its share capital on the basis of up to 10 old shares for one new share. As of Wednesday, the company has 128,619,475 outstanding shares. Following the consolidation, the company is expected to have about 12,861,948 outstanding shares.
Proceeds will be used for working capital and general corporate purposes.
The natural resource mining company is based in Vancouver, B.C.
| Issuer: | Azure Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Six months
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | April 23
|
| Stock symbol: | TSX Venture: AZU
|
| Stock price: | C$0.02 at close April 22
|
| Market capitalization: | C$1.93 million
|
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