Offering sells 30 million units at C$0.10 per unit to finance drilling
By Devika Patel
Knoxville, Tenn., April 15 - Cap-Ex Iron Ore Ltd. said it amended the terms of a non-brokered private placement of units to raise C$3 million, reduced from C$5 million. The deal priced on March 22.
The company will now sell 30 million units of one common share and one warrant at C$0.10 per unit. The units were originally priced at C$0.15 apiece.
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$1.3 million, down from the C$2.5 million previously reported.
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$3 million
|
| Units: | 30 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | March 22
|
| Revised: | April 15
|
| Stock symbol: | TSX Venture: CEV
|
| Stock price: | C$0.18 at close March 21
|
| Market capitalization: | C$6.83 million
|
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