Company raised C$315,000 in the first tranche to fund drilling program
By Devika Patel
Knoxville, Tenn., Sept. 29 - Yankee Hat Minerals Ltd. said it completed the second tranche of a C$3.5 million private placement of units. The deal priced July 26 and is being conducted by Oberon Capital Corp.
The company took in C$315,000 in the first tranche on Aug. 26 and C$694,884 in this tranche.
The company is selling C$2 million in flow-through units at C$0.075 apiece. Each flow-through unit consists of one flow-through common share and one warrant.
The company also is selling C$1.5 million in non flow-through units at C$0.05 apiece. Each non flow-through unit consists of one common share and one warrant.
Each warrant is exercisable at C$0.20 for one year. The strike price reflects a 300% premium to the July 23 closing share price of C$0.05.
In the first tranche, the company sold 6.3 million non flow-through units. It sold 11,052,270 non-flow-through units and 1,896,934 flow-through units in the second tranche.
Proceeds will be used for a drill program on the company's Fran Property and for general corporate purposes.
Vancouver, B.C.-based Yankee Hat is a gold and uranium exploration company.
| Issuer: | Yankee Hat Minerals Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, non flow-through units of one common share and one warrant
|
| Amount: | C$3.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Agent: | Oberon Capital Corp.
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 26 (for C$315,000), Sept. 29 (for C$694,884)
|
| Stock symbol: | TSX Venture: KHT
|
| Stock price: | C$0.05 at close July 23
|
| Market capitalization: | C$6.32 million
|
|
|
| Flow-through units
|
| Amount: | C$2 million
|
| Price: | C$0.075
|
|
|
| Non flow-through units
|
| Amount: | C$1.5 million
|
| Price: | C$0.05
|
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