Offering sells two types of unit, finances drilling and exploration
By Devika Patel
Knoxville, Tenn., Dec. 12 - Black Widow Resources Inc. said it plans a C$1.46 million non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.10 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.12 per unit.
The whole three-year warrants will be exercisable at C$0.15 in the first year, at C$0.20 in the second year and at C$0.25 in the third year. The strike prices are 25%, 66.67% and 108.33% premiums to the Dec. 11 closing share price of C$0.12.
Proceeds will be used for a drilling program on the company's Shunsby property, exploration on other properties and general corporate purposes.
The precious metals explorer is based in Toronto.
| Issuer: | Black Widow Resources Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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| Amount: | C$1.46 million
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.15 in the first year, C$0.20 in the second year, C$0.25 in the third year
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| Agent: | Non-brokered
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| Pricing date: | Dec. 12
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| Stock symbol: | TSX Venture: BWR
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| Stock price: | C$0.12 at close Dec. 11
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| Market capitalization: | C$2.71 million
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| Units
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| Price: | C$0.10
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| Warrants: | One warrant per unit
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| Flow-through units
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| Price: | C$0.12
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| Warrants: | One half-share warrant per unit
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