Non-brokered offering garners 40% insider participation, company says
By Devika Patel
Knoxville, Tenn., Nov. 23 - White Pine Resources Inc. said it plans a non-brokered private placement of units.
The company will sell 4 million units at C$0.25 apiece for C$1 million. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$0.35. The strike price reflects a 25% premium to the Nov. 22 closing share price of C$0.28.
Insiders will buy 40% of the units.
The company also said it has negotiated a letter of intent with Shawn Ryan and Wildwood Exploration Inc. Ryan and Wildwood will grant White Pine an option to earn a 100% interest in the properties known as the Money property and the Tender property in the White Gold District of the Yukon Territory. Ryan and Wildwood will retain a 2% net smelter returns royalty on each of the properties. The company may purchase one-half of each for C$2.5 million per property.
White Pine is a Toronto-based mineral exploration company.
| Issuer: | White Pine Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 23
|
| Stock symbol: | TSX Venture: WPR
|
| Stock price: | C$0.28 at close Nov. 22
|
| Market capitalization: | C$7.59 million
|
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