By Devika Patel
Knoxville, Tenn., Oct. 5 - Brazauro Resources Corp. said it will raise $5.53 million in a private placement of units.
The company will sell 8.5 million units of one common share and a half-share warrant at $0.65 per unit. Each whole warrant is exercisable at $1.00 for 18 months.
The deal will be conducted by a syndicate of agents led by M Partners Inc and Industrial Alliance Securities Inc. There is a 15% greenshoe.
Settlement is expected Oct. 22.
Proceeds will be used for ongoing exploration programs at Brazauro's gold exploration properties in the Tapajos region of Brazil and for general corporate purposes.
Brazauro is a mining company based in Houston.
| Issuer: | Brazauro Resources Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $5,525,000
|
| Greenshoe: | 15%
|
| Units: | 8.5 million
|
| Price: | $0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $1.00
|
| Agents: | M Partners Inc and Industrial Alliance Securities Inc. (lead)
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 22
|
| Stock symbol: | TSX Venture: BZO
|
| Stock price: | C$0.70 at close Oct. 2
|
| Market capitalization: | $55.4 million
|
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