By Devika Patel
Knoxville, Tenn., Sept. 17 - Celtic Minerals Ltd. said it will raise C$6 million from a non-brokered private placement of stock.
The company will sell 4,800,000 flow-through common shares at C$1.25 apiece. There is a greenshoe of an additional 1,200,000 flow-through shares, which would raise an additional C$1.5 million.
Jennings Capital Inc. will be the agent for the deal.
The shares will have a four-month hold period.
Jennings Capital will be paid a 7% finder's fee and an option to receive warrants equal to 7% of the shares sold.
Proceeds will be used for exploration, drilling and geophysical and geological surveys.
Based in Calgary, Alta., Celtic is a mineral exploration company.
| Issuer: | Celtic Minerals Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$6 million
|
| Greenshoe: | For 1,200,000 flow-through shares, or C$1.5 million
|
| Shares: | 4,800,000
|
| Price: | C$1.25
|
| Warrants: | No
|
| Agent: | Jennings Capital Inc.
|
| Fees: | 7%, option of warrants equal to 7% of shares sold
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: CME
|
| Stock price: | C$1.05 at close Sept. 14
|
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