By Sheri Kasprzak
New York, July 20 - Brazauro Resources Corp. said it has negotiated a private placement for up to C$9.5 million.
The company plans to sell up to 5 million units at C$1.90 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$3.80 each for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$4.80 for more than 30 consecutive trading days.
Ocean Equities Ltd. is the placement agent.
Brazauro plans to use the proceeds for drilling and exploration on the Tocantinzinho and Mamoal projects in Brazil.
Based in Vancouver, B.C., Brazauro is a mineral exploration company.
| Issuer: | Brazauro Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$9.5 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$1.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$3.80
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| Placement agent: | Ocean Equities Ltd.
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| Pricing date: | July 20
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| Stock price: | C$1.99 at close July 20
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