By Laura Lutz
Des Moines, May 22 - Berkley Resources Inc. arranged a C$3 million private placement of units and flow-through shares.
The company plans to sell up to 3.32 million flow-through shares at C$0.75 each and up to 680,000 units at the same price.
The units each consist of one non flow-through share and one half-share non-transferable warrant. Each warrant will be exercisable for one non flow-through share at C$1.00 for one year.
The placement will be non-brokered.
Proceeds will be used for exploration and development and for working capital.
Berkley is an oil and gas exploration and development company based in Calgary, Alta.
| Issuer: | Berkley Resources Inc.
|
| Issue: | Flow-through shares; units of one non flow-through share and one half-share non-transferable warrant
|
| Amount: | C$3 million
|
| Agent: | Non-brokered
|
| Pricing date: | May 22
|
| Stock symbol: | TSX Venture: BKS
|
| Stock price: | C$0.69 at close May 22
|
|
|
| Flow-through shares
|
| Shares: | 3.32 million
|
| Price: | C$0.75
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 680,000
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
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