By Sheri Kasprzak
New York, Nov. 7 - Tribute Minerals Inc. said it has dropped the price on the flow-through units included in its previously announced C$1 million private placement.
The company now intends to sell up to 4,166,667 flow-through units at C$0.12 each.
The units are comprised of one flow-through share and one warrant. The warrants allow for the purchase of a common share at C$0.12 each for two years.
Tribute still plans to sell up to 5 million non flow-through units at C$0.10 each.
The deal was first announced Oct. 14 as including up to 5 million non flow-through units at C$0.10 each and up to 3,333,333 flow-through units at C$0.15 each.
Union Securities Ltd. is the placement agent for the offering and has an over-allotment option for up to 15% of the deal size.
Proceeds will be used for exploration on the company's properties and for working capital.
Based in Toronto, Tribute is a mineral exploration company.
| Issuer: | Tribute Minerals Inc.
|
| Issue: | Non flow-through and flow-through units of one share and one warrant
|
| Amount: | C$1 million (maximum)
|
| Greenshoe: | For up to 15% of the offering
|
| Placement agent: | Union Securities Ltd.
|
| Pricing date: | Oct. 14
|
| Amended: | Nov. 7
|
| Stock price: | C$0.10 at close Oct. 14
|
| Stock price: | C$0.095 at close Nov. 4
|
|
|
| Non flow-through units
|
| Units: | 5 million (maximum)
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
|
|
| Flow-through units
|
| Units: | 4,166,667 (maximum)
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
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