Deal sells 20.73 million units at C$0.10 per unit to finance drilling
By Devika Patel
Knoxville, Tenn., May 28 - Cap-Ex Iron Ore Ltd. said it completed a C$2.07 million non-brokered private placement of units on Friday. The deal priced for C$5 million on March 22 and was revised on April 15 to raise C$3 million.
The company sold 20.73 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 invested C$940,000.
Proceeds will be used to advance the company's Block 103 Project with a 2013 drilling program, to seek a strategic partner and for general working capital.
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$2,073,000
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Units: | 20.73 million
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Price: | C$0.10
|
Warrants: | One warrant per unit
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Warrant expiration: | Two years
|
Warrant strike price: | C$0.20
|
Agent: | Non-brokered
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Pricing date: | March 22
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Revised: | April 15
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Settlement date: | May 24
|
Stock symbol: | TSX Venture: CEV
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Stock price: | C$0.18 at close March 21
|
Market capitalization: | C$9.86 million
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