Toronto-based exploration company sells 6 million units at C$0.25 each
By Devika Patel
Knoxville, Tenn., Sept. 23 - Virgin Metals Inc. announced it completed a C$1.5 million private placement of units. INTAC (BVI) International Investments Ltd. was the agent and was paid a finder's fee.
The company sold 6 million units of one common share and one warrant at C$0.25 per unit.
Each two-year warrant is exercisable at C$0.35. The strike price is a 62.79% premium to the Sept. 22 closing share price of C$0.215.
Proceeds will be used to advance the pre-feasibility report on the company's Los Verdes property as well as for working capital and general administrative purposes.
Virgin Metals is a Toronto-based exploration company that focuses on copper-molybdenum porphyry properties.
| Issuer: | Virgin Metals Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | INTAC (BVI) International Investments Ltd.
|
| Settlement date: | Sept. 23
|
| Stock symbol: | TSX Ventures: VGM
|
| Stock price: | C$0.215 at close Sept. 22
|
| Market capitalization: | C$8.51 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.
