By Devika Patel
Knoxville, Tenn., April 17 - Canadian Orebodies Inc. said it has arranged a private placement of units to raise C$3 million.
The company plans to sell common share units at C$0.25 each. The units consist of one common share and one half-share warrant with each whole two-year warrant exercisable at C$0.40 for one year and at C$0.50 thereafter.
Canadian Orebodies also plans to sell flow-through units at C$0.30 each. The units consist of one flow-through common share and one half-share warrant with each whole warrant exercisable on the same terms as those in the common-share units.
The warrants may expire sooner if the company's common shares close at C$0.50 or higher in year one or at C$0.60 in year two for 20 consecutive trading days. In that case, the warrants will expire on the 20th day after the company notifies holders.
Pope & Co. Ltd. is the agent. Settlement is expected April 30.
Proceeds will be used for exploration and general working capital purposes.
Based in Timmins, Ont., Canadian Orebodies is a junior natural resource exploration and development company.
| Issuer: | Canadian Orebodies Inc.
|
| Issue: | Common-share units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$3 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40 in the first year, C$0.50 thereafter
|
| Agent: | Pope & Co. Ltd.
|
| Pricing date: | April 17
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: CO
|
| Stock price: | C$0.325 at close April 17
|
|
|
| Common-share units
|
| Price: | C$0.25
|
|
|
| Flow-through units
|
| Price: | C$0.30
|
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