By Sheri Kasprzak
Atlanta, Dec. 3 - Winslow Resources Inc. said Thursday it has closed a private placement for proceeds of C$1.505 million.
The company sold 4 million units at C$0.125 each and 6.7 million flow-through common shares at C$0.15 each.
The units in the deal are comprised of one share and one half-share warrant. The whole warrants are good for an additional share at C$0.16 each through June 2, 2006.
Acumen Capital Finance Partners Ltd. was the lead placement agent in the offering.
Winslow is a Calgary, Alta.-based oil and natural gas exploration company. It plans to use the proceeds from the private placement to fund part of its 2005 capital exploration program and to incur and renounce qualifying expenditures to the subscribers of the flow-through shares.
Issuer: | Winslow Resources Inc.
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Issue: | Flow-through shares and units of one share and one half-share warrant
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Amount: | C$1.505 million
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Placement agent: | Acumen Capital Finance Partners Ltd.
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Settlement date: | Dec. 2
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Stock price: | C$0.175 at close Dec. 2
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Units
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Issue: | Units of one share and one half-share warrant
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Units: | 4 million
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Price: | C$0.125
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Warrants: | One half-share warrant per unit
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Warrant expiration: | June 2, 2006
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Warrant strike price: | C$0.16
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Flow-through shares
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Issue: | Flow-through common shares
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Shares: | 6.7 million
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Price: | C$0.15
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Warrants: | No
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