By Sheri Kasprzak
New York, March 13 - Celtic Minerals Ltd. said it intends to raise up to C$4 million in a private placement.
The offering includes up to 2,857,143 flow-through shares at C$0.70 apiece and 3,333,333 units at C$0.60 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.00 for two years.
The expiry of the warrants may be accelerated to 20 days if the company's stock trades above C$1.25 for more than 20 consecutive trading days.
Placement agent Jennings Capital Inc. has a greenshoe for up to 1,428,571 flow-through shares and up to 1,666,666 units.
The deal is scheduled to close April 15.
Proceeds will be used for ongoing exploration on the company's Newfoundland and Labrador properties.
Based in Calgary, Alta., Celtic is a mineral exploration company.
| Issuer: | Celtic Minerals Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$4 million
|
| Placement agent: | Jennings Capital Inc.
|
| Pricing date: | March 13
|
| Settlement date: | April 15
|
| Stock symbol: | TSX Venture: CME
|
| Stock price: | C$0.72 at close March 10
|
|
|
| Flow-through shares
|
| Shares: | 2,857,143 (maximum)
|
| Greenshoe: | 1,428,571 shares
|
| Price: | C$0.70
|
| Warrants: | No
|
|
|
| Units: | 3,333,333 (maximum)
|
| Greenshoe: | 1,666,666 units
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
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