By Sheri Kasprzak
New York, Jan. 22 - Continuum Resources Ltd. concluded the last tranche of a private placement for total proceeds of C$7,543,500.
The company sold 23.541 million units in the final tranche at C$0.25 each.
The units include one share and one half-share warrant. Each whole warrant is exercisable at C$0.25 for one year.
The expiry of the warrants will be accelerated to 30 days if the weighted average trading price of the stock exceeds C$0.50 for more than 20 consecutive trading days.
In the first tranche, closed Dec. 21, the company sold 6.633 million units under the same terms.
Bolder Investment Partners, Ltd. was the placement agent.
Proceeds will be used to maintain the company's 24% interest in the San Jose property joint venture. The rest will be used for drilling and exploration at the Natividad mine in Mexico and for working capital.
Vancouver, B.C.-based Continuum is a mineral exploration company.
| Issuer: | Continuum Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,543,500
|
| Units: | 30.174 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Placement agent: | Bolder Investment Partners, Ltd.
|
| Settlement date: | Dec. 21 (for 6.633 million units); Jan. 22 (for 23.541 million units)
|
| Stock symbol: | TSX Venture: CNU
|
| Stock price: | C$0.44 at close Jan. 19
|
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