By Sheri Kasprzak
New York, Sept. 28 - Woodruff Capital Management Inc. said it has wrapped a scaled-down private placement for C$3.5 million.
The company sold 4,166,665 flow-through shares at C$0.60 each for proceeds of C$2.5 million and 1,666,665 units at C$0.60 each for C$1 million.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.90 each for two years.
The offering was first announced Aug. 23 as a C$4 million deal of up to 5 million flow-through shares and up to 1,666,667 units under the same terms.
Proceeds will be used for exploration and general corporate purposes.
Based in Toronto, Woodruff is a base metal exploration company focused on properties in Quebec, Ontario and Newfoundland.
| Issuer: | Woodruff Capital Management Inc.
|
| Issue: | Units and flow-through common shares
|
| Amount: | C$3.5 million
|
| Pricing date: | Aug. 23
|
| Settlement date: | Sept. 28
|
| Stock price: | C$0.70 at close Aug. 17
|
| Stock price: | C$0.70 at close Sept. 28
|
|
|
| Units
|
| Issue: | Units of one share and one warrant
|
| Units: | 1,666,665
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 4,166,665
|
| Price: | C$0.60
|
| Warrants: | No
|
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