By Sheri Kasprzak
New York, Dec. 30 - Woodruff Capital Management Inc. said it settled its previously announced private placement for C$1,332,354.
The company issued 2,049,775 flow-through units at C$0.65 each.
The units are composed of one share and one half-share warrant. The full warrants are exercisable at C$0.85 each for the first year and at C$1.15 for the second year.
The offering was first announced Dec. 19 as a C$2 million deal of up to 3,076,923 units under the same terms.
Proceeds will be used for the company's 2006 exploration program.
Based in Toronto, Woodruff Capital is a base metals exploration company.
| Issuer: | Woodruff Capital Management Inc.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$1,332,354
|
| Units: | 2,049,775
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85 for the first year; C$1.15 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 30
|
| Stock price: | C$0.61 at close Dec. 19
|
| Stock price: | C$0.61 at close Dec. 30
|
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