By Sheri Kasprzak
Atlanta, Oct. 19 - Zaruma Resources Inc. entered the private placement market with a C$1.4 million deal, the company said Tuesday.
The offering consists of 10 million units comprised of one share and one warrant at C$0.14 per unit.
Each warrant is good for one share at C$0.19 for a year.
Zaruma, a mineral exploration company based in Toronto, plans to use the funds from the deal working capital and to finance a drilling program.
| Issuer: | Zaruma Resources Inc.
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| Issue: | Units of one share and one purchase warrant
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| Amount: | C$1.4 million
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| Shares: | 10 million units or five million shares
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| Price: | C$0.14 per unit
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| Warrants: | Five million
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.19
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| Announcement date: | Oct. 19
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| Stock price: | C$0.08 at close Sept. 7 (last trade)
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