By Devika Patel
Knoxville, Tenn., July 23 - Advanced Explorations Inc. said it has finalized the terms of an C$8 million non-brokered private placement of units and shares. The deal was announced as a C$7.5 million offering on July 17.
The company will sell a combination of flow-through common shares at C$1.10 apiece and units at C$0.95 per unit.
It had planned to 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.
Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$1.35 for one year; the warrants originally were to be exercisable at C$2.00 for two years.
Settlement is expected July 29.
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$8 million (maximum)
|
| Agent: | Non-brokered
|
| Pricing date: | July 17
|
| Upsized: | July 23
|
| Settlement date: | July 29
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$1.31 at close July 16
|
|
|
| Shares
|
| Price: | C$1.10
|
| Warrants: | No
|
|
|
| Units
|
| Price: | C$0.95
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.35
|
© 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.
