Agent syndicate led by Industrial Alliance raises exploration funds
By Devika Patel
Knoxville, Tenn., July 3 - Advanced Explorations Inc. said it has arranged a C$3.5 million private placement of units. A syndicate of agents, led by Industrial Alliance Securities Inc., will conduct the deal on a best-efforts basis.
The company will sell 2,380,953 units of one common share and one warrant at C$0.21 per unit for C$500,000 and 12.5 million flow-through units of one flow-through common share and one half-share warrant at C$0.24 per unit for C$3 million.
Each two-year unit warrant will be exercisable at C$0.30, a 25% premium to the July 2 closing share price of C$0.24. Each whole, flow-through unit warrant will be exercisable at C$0.40 for two years; the strike price is a 66.67% premium to the July 2 closing share price.
Proceeds will be used for exploration.
Advanced Explorations is a Toronto-based iron exploration company.
Issuer: | Advanced Explorations Inc.
|
Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
Amount: | C$3.5 million
|
Warrant expiration: | Two years
|
Agent: | Industrial Alliance Securities Inc. (lead)
|
Pricing date: | July 3
|
Stock symbol: | TSX Venture: AXI
|
Stock price: | C$0.24 at close July 2
|
Market capitalization: | C$37.99 million
|
|
Units
|
Amount: | C$500,000
|
Units: | 2,380,953
|
Price: | C$0.21
|
Warrants: | One warrant per unit
|
Warrant strike price: | C$0.30
|
|
Flow-through units
|
Amount: | C$3 million
|
Units: | 12.5 million
|
Price: | C$0.24
|
Warrants: | One half-share warrant per unit
|
Warrant strike price: | C$0.40
|
© 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.