Non-brokered offering funds exploration and working capital purposes
By Devika Patel
Knoxville, Tenn., Feb. 21 - Bacanora Minerals Ltd. said it plans a C$3.5 million non-brokered private placement of units.
The company will sell units of one common share and a half-share warrant at C$0.30 per unit.
Each whole warrant is exercisable at C$0.45 for four years. The strike price reflects a 50% premium to the Feb. 20 closing share price of C$0.30.
Proceeds will be used for exploration on the company's borate and lithium programs and general working capital purposes.
Based in Calgary, Alta., Bacanora is a borate and lithium explorer.
| Issuer: | Bacanora Minerals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.5 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 21
|
| Stock symbol: | TSX Venture: BCN
|
| Stock price: | C$0.30 at close Feb. 20
|
| Market capitalization: | C$15.43 million
|
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