By Devika Patel
Knoxville, Tenn., June 8 - Castillian Resources Corp. said that due to market conditions, it has revised the terms of a non-brokered private placement of shares and units that priced for C$1.5 million on April 28. The company now plans to raise C$3.1 million.
The company will now sell 30 million flow-through common shares at C$0.07 each, generating C$2.1 million of proceeds.
Castillian also will sell 16,666,666 units at C$0.06 apiece for C$1 million.
Each unit will consist of one share and one half-share warrant, with each whole warrant exercisable at C$0.10 for two years.
Settlement is expected on June 30.
Proceeds will be used to explore and develop the Hope Brook Gold Project.
Castillian is a mineral exploration company based in Toronto.
| Issuer: | Castillian Resources Corp.
|
| Issue: | Flow-through common shares, units of one share and one half-share warrant
|
| Amount: | C$3.1 million
|
| Agent: | Non-brokered
|
| Pricing date: | April 28
|
| Revised: | June 8
|
| Settlement date: | June 30
|
| Stock symbol: | TSX Venture: CT
|
| Stock price: | C$0.09 at close April 27
|
| Market capitalization: | C$6.1 million
|
|
|
| Flow-through shares
|
| Amount: | C$2.1 million
|
| Shares: | 30 million
|
| Price: | C$0.07
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 16,666,666
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
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