Published on 8/31/2016 in the Prospect News PIPE Daily.
Murchison concludes oversubscribed C$2.57 million placement of units
Non-brokered offering funds exploration and general working capital
By Devika Patel
Knoxville, Tenn., Aug. 31 – Murchison Minerals Ltd. said it raised C$1.31 million in the second and final tranche of a C$2.57 million non-brokered private placement of units. The oversubscribed deal priced for C$2 million on July 22 and raised C$1.26 million on Aug. 11.
The company sold 4,173,400 flow-through units of one flow-through common share and one half-share warrant at C$0.30 per unit and 5,263,000 units of one common share and one warrant at C$0.25 per unit.
Murchison sold 4,103,000 units and 783,400 flow-through units in the initial tranche and 1.16 million units and 3.39 million flow-through units in the second tranche.
Each whole warrant is exercisable at C$0.30 for two years, with the first-tranche warrants exercisable until Aug. 10, 2018 and the second-tranche warrants exercisable until Aug. 31, 2018.
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.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$2,567,770
|
| Warrant expiration: | Two years, Aug. 10, 2018, Aug. 31, 2018
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | July 21
|
| Settlement dates: | Aug. 11 (for C$1,260,770), Aug. 31 (for C$1,307,000)
|
| Stock symbol: | CSE: MUR
|
| Stock price: | C$0.03 at close July 21
|
|
|
| Flow-through units
|
| Amount: | C$1,252,020
|
| Units: | 4,173,400
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$1,315,750
|
| Units: | 5,263,000
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
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