Deal sells flow-through shares, half-share warrants at C$0.24 per unit
By Toni Weeks
San Diego, Sept. 17 - Advanced Explorations Inc. said it completed the first tranche of a C$3.36 million non-brokered private placement of units, raising C$1.05 million.
The company will sell 14 million units of one flow-through common share and one half-share warrant at C$0.24 per unit. It sold 4,356,999 units in the first tranche.
Each whole warrant is exercisable at C$0.40 for two years. The strike price reflects a 73.91% premium to the Sept. 7 closing share price of C$0.23.
Proceeds will be used for exploration.
Advanced Explorations is a Toronto-based petroleum and mineral exploration company.
| Issuer: | Advanced Explorations Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$3.36 million
|
| Units: | 14 million
|
| Price: | C$0.24
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 17 (for C$1,045,680)
|
| Stock symbol: | TSX Venture: AXI
|
| Stock price: | C$0.23 at close Sept. 7
|
| Market capitalization: | C$34.35 million
|
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