By Devika Patel
Knoxville, Tenn., July 17 - Advanced Explorations Inc. said it hopes to raise a maximum of C$7.5 million in a non-brokered private placement of its units and shares.
The company will sell up to 3.5 million flow-through common shares at C$1.50 apiece for up to C$5.25 million and up to 5 million units at C$1.35 per unit for up to C$6.75 million.
The company will adjust the amounts of units and shares so that it doesn't exceed its planned total.
Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$2.00 for two years.
Proceeds will be used for further development of the company's Nunavut Roche Bay Magnetite Project and unallocated working capital.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
Issuer: | Advanced Explorations Inc.
|
Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
Amount: | C$7.5 million (maximum)
|
Agent: | Non-brokered
|
Pricing date: | July 17
|
Stock symbol: | TSX Venture: AXI
|
Stock price: | C$1.31 at close July 16
|
|
Shares
|
Amount: | C$5.25 million (maximum)
|
Shares: | 3.5 million (maximum)
|
Price: | C$1.50
|
Warrants: | No
|
|
Units
|
Amount: | C$6.75 million (maximum)
|
Units: | 5 million (maximum)
|
Price: | C$1.35
|
Warrants: | One half-share warrant per unit
|
Warrant expiration: | Two years
|
Warrant strike price: | C$2.00
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.