Non-brokered deal funds drilling program, general corporate purposes
By Devika Patel
Knoxville, Tenn., July 29 - Claim Post Resources Inc. said it increased its non-brokered private placement to C$2 million from C$1.2 million. The deal priced on July 3 and will now consist of units instead of stock.
The company will now sell units of one common share and one warrant at C$0.05 per unit and flow-through units of one flow-through common share and one warrant at C$0.06 per unit.
The warrants will be exercisable at C$0.10 for three years. The strike price is a 233.33% premium to the July 2 closing share price of C$0.03.
Proceeds will be used to carry out a drilling program to complete a resource estimation of the Seymourville Frac Sand Project, to complete a scoping study on the project and for general working capital purposes.
The company had planned to sell 24 million common shares at C$0.05 per share.
The Toronto-based company explores for gold and base metals.
| Issuer: | Claim Post Resources Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$2 million
|
| Price: | C$0.05 per unit and C$0.06 per flow-through unit
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | July 3
|
| Revised: | July 29
|
| Stock symbol: | TSX Venture: CPS
|
| Stock price: | C$0.03 at close July 2
|
| Market capitalization: | C$1.93 million
|
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