Non-brokered deal will finance exploration and general working capital
By Devika Patel
Knoxville, Tenn., March 29 - Toro Resources Corp. said it plans a C$2 million non-brokered private placement of units.
The company will sell 11,764,706 units of one common share and one half-share warrant at C$0.17 per unit.
Each whole warrant will be exercisable at C$0.25 for 18 months. The strike price is an 8.7% premium to C$0.23, the March 28 closing share price.
Proceeds will be used for exploration work on the Morgan Peak Copper Project and general working capital purposes.
Toro is a Vancouver, B.C.-based copper explorer.
Issuer: | Toro Resources Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2 million
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Units: | 11,764,706
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Price: | C$0.17
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.25
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Agent: | Non-brokered
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Pricing date: | March 29
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Stock symbol: | TSX Venture: TRK
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Stock price: | C$0.23 at close March 28
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Market capitalization: | C$5.39 million
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