By Sheri Kasprzak
Atlanta, Nov. 18 - Berkley Resources Inc. said Thursday it closed the first tranche of a private placement for C$1.524 million.
The company sold on a brokered basis 724,000 flow-through units and 286,000 non flow-through units at C$1. The company also sold on a non-brokered basis 355,000 flow-through units and 159,000 non-flow-through units at C$1.
The company initially announced the deal Oct. 15 as a C$3 million offering.
The flow-through units consist of one flow-through share and one non-transferable half-share warrant. The whole warrants allow for the purchase of one additional non flow-through common share at C$1.25 through Nov. 10, 2005 and C$1.50 until Nov. 10, 2006.
The non flow-through units consist of one non flow-through share and one non-transferable half-share warrant. The whole warrants allow for the purchase of an additional non flow-through share at C$1.10 through Nov. 10, 2005 and C$1.25 through Nov. 10, 2006.
The securities involved in the transaction are subject to a four-month hold, which expires March 10, 2005.
In the brokered portion of the deal, Canaccord Capital Corp. served as placement agent.
Berkley, based in Vancouver, B.C., is a resource and development company. The company plans to use the funds from the offerings for exploration and development work on oil and gas properties, and for general working capital.
| Issuer: | Berkley Resources Inc.
|
| Issue: | Flow-through and non flow-through units (brokered and non-brokered)
|
| Amount: | C$1,524,000
|
| Placement agent: | Canaccord Capital Corp. (for 724,000 flow-through units and 286,000 non-flow-through units
|
| Announcement date: | Oct. 15
|
| Settlement date: | Nov. 16
|
| Stock price: | C$1 at close Oct. 15
|
| Stock price: | C$1.26 at close Nov. 16
|
|
|
| Flow-through units
|
| Issue: | Flow-through units of one flow-through share and one non-flow-through half-share warrant
|
| Shares: | 1.079 million units (724,000 brokered, 355,000 non-brokered)
|
| Price: | C$1
|
| Warrants: | One non flow-through half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25 through Nov. 10, 2005; C$1.50 through Nov. 10, 2006
|
|
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| Non flow-through units
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| Issue: | Non-flow-through units of one non-flow-through share and one half-share warrant
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| Shares: | 445,000 units (286,000 brokered, 159,000 non-brokered)
|
| Price: | C$1
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.10 through Nov. 10, 2005 and C$1.25 through Nov. 10, 2006
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