Non-brokered deal raises proceeds for exploration at Harvest project
By Devika Patel
Knoxville, Tenn., April 19 - Tigray Resources Inc. said it settled a C$2.42 million non-brokered private placement of units. The deal priced for C$2.81 million on April 8.
The company sold 16.14 million units of one common share and a half-share warrant at C$0.15 per unit.
Each whole warrant is exercisable at C$0.20 for two years. The strike price is a 42.86% premium to C$0.14, the April 5 closing share price.
Proceeds will be used for exploration on the company's Harvest project and other properties in Ethiopia as well as for working capital.
Based in Vancouver, B.C., the company explores for volcanogenic massive sulfide.
| Issuer: | Tigray Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,421,000
|
| Units: | 16.14 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | April 8
|
| Settlement date: | April 19
|
| Stock symbol: | TSX Venture: TIG
|
| Stock price: | C$0.14 at close April 5
|
| Market capitalization: | C$6.65 million
|
© 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.
