Proceeds intended for exploration work, studies at company's prospects
By Devika Patel
Knoxville, Tenn., Nov. 2- Western Troy Capital Resources Inc. said it has arranged a non-brokered private placement of units with Agnico-Eagle Mines Ltd.
The company will sell 2 million units at C$0.50 apiece for C$1 million. Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$0.60, a 44.58% premium to the Nov. 1 closing share price of C$0.415.
Settlement is expected on Nov. 3. As a result of the private placement, the investor will own 7.91% of Western Troy's outstanding shares.
Proceeds will be used for exploration work at Deborah Lake, feasibility and environmental studies for MacLeod Lake, exploration activities on Western Troy's other prospects and general corporate purposes.
"We are honored to have Agnico-Eagle Mines as a major investor in Western Troy," chief executive officer Rex Loesby said in a press release.
"It is a tangible demonstration of the potential of our Deborah Lake copper/gold prospect as well as our exploration prospects."
Western Troy is a mineral exploration company based in Toronto.
| Issuer: | Western Troy Capital Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Investor: | Agnico-Eagle Mines Ltd.
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 3
|
| Stock symbol: | TSX Venture: WRY
|
| Stock price: | C$0.415 at close Nov. 1
|
| Market capitalization: | C$9.55 million
|
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