Non-brokered offering funds exploration and general working capital
By Devika Patel
Knoxville, Tenn., July 22 – Murchison Minerals Ltd. said on Thursday that it will conduct a C$2 million non-brokered private placement of units.
The company will sell 3,333,333 flow-through units of one flow-through common share and one half-share warrant at C$0.30 per unit and 4 million units of one common share and one warrant at C$0.25 per unit.
Each whole warrant is exercisable at C$0.30 for two years.
Proceeds will be used for exploration and general working capital purposes.
The company also plans a consolidation of its common stock on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. The placement is being conducted on a post-consolidation basis.
Murchison is a zinc, copper, nickel and gold exploration company based in Toronto.
| Issuer: | Murchison Minerals Ltd.
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| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
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| Amount: | C$2 million
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.30
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| Agent: | Non-brokered
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| Pricing date: | July 21
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| Stock symbol: | CSE: MUR
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| Stock price: | C$0.03 at close July 21
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| Market capitalization: | C$1.56 million
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| Flow-through units
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| Amount: | C$1 million
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| Units: | 3,333,333
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Units
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| Amount: | C$1 million
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| Units: | 4 million
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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