Agent syndicate led by Industrial Alliance raises exploration funds
By Devika Patel
Knoxville, Tenn., July 17 - Advanced Explorations Inc. said it raised C$1.79 million in the initial tranche of a C$3.5 million private placement of units. The deal priced July 3.
The company is selling 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.
In the first tranche, the company sold 2,805,952 and 5,013,000 flow-through units.
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.
A syndicate of agents, led by Industrial Alliance Securities Inc., is conducting the offering on a best-efforts basis.
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: | July 17, 2014
|
| Agent: | Industrial Alliance Securities Inc. (lead)
|
| Pricing date: | July 3
|
| Settlement date: | July 17 (for C$1,792,370)
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$0.24 at close July 2
|
| Market capitalization: | C$31.91 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
|
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