Offering sells 33.33 million units at C$0.15 each to finance drilling
By Devika Patel
Knoxville, Tenn., March 22 - Cap-Ex Iron Ore Ltd. said it plans a C$5 million non-brokered private placement of units.
The company will sell 33,333,333 units of one common share and one warrant at C$0.15 per unit.
Each warrant will be exercisable at C$0.20 for two years. The strike price represents an 11.11% premium to the C$0.18 closing share price on March 21.
Insiders will invest up to C$2.5 million.
Proceeds will be used to advance the company's block 103 project with a 2013 drilling program and to seek a strategic partner.
The Vancouver, B.C., company mines for iron ore.
| Issuer: | Cap-Ex Iron Ore Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 33,333,333
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | March 22
|
| Stock symbol: | TSX Venture: CEV
|
| Stock price: | C$0.18 at close March 21
|
| Market capitalization: | C$11.75 million
|
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