Deal, at C$0.21 per unit, funds exploration drilling on Rouyn property
By Devika Patel
Knoxville, Tenn., Dec. 23 - Yorbeau Resources Inc. said it settled a private placement of units. The deal priced for C$3.32 million on Dec. 1 and raised C$2.31 million.
The company sold 11,008,094 units of one common share and one half-share warrant at C$0.21 per unit. Each whole warrant is exercisable at C$0.35 for 18 months.
The strike price is a 66.67% premium to the Nov. 30 closing share price of C$0.21.
Proceeds will be used for an exploration drilling program on the Rouyn property, to prepare a NI 43-101 resource calculation for the Augmitto deposit and for general corporate expenses.
Yorbeau is a Montreal-based mining company.
| Issuer: | Yorbeau Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,311,700
|
| Units: | 11,008,094
|
| Price: | C$0.21
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 23
|
| Stock symbol: | Toronto: YRB.A
|
| Stock price: | C$0.21 at close Nov. 30
|
| Market capitalization: | C$32.13 million
|
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