By Sheri Kasprzak
New York, April 28 - Cross Lake Minerals Ltd. said it has negotiated a C$9.75 million private placement.
The offering includes up to 7.5 million units at C$0.65 each and up to 6.5 million flow-through units at C$0.75 each.
The non flow-through units consist of one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for two years.
The flow-through units are comprised of one share and one half-share warrant, the whole of which is exercisable at C$1.00 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.00 for more than 30 consecutive trading days.
The placement agent, Pacific International Securities Inc., has a greenshoe for up to 650,000 additional flow-through units and up to 650,000 additional non flow-through units.
The placement is subject to a five-for-one stock consolidation.
The offering is being conducted to restart operations at the company's QR Mine and to finance development on the company's North Zone diamond drilling project.
Also, Cross Lake may conduct a non-brokered private placement for up to C$2 million in units and flow-through units.
Vancouver, B.C.-based Cross Lake is a mineral exploration company.
| Issuer: | Cross Lake Minerals Ltd.
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| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
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| Amount: | C$9.75 million
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| Placement agent: | Pacific International Securities Inc.
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| Pricing date: | April 28
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| Stock symbol: | Toronto: CRN
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| Stock price: | C$0.145 at close April 28
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|
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| Flow-through units
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| Units: | 6.5 million
|
| Greenshoe: | For up to 650,000 flow-through units
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| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
|
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| Non flow-through units
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| Units: | 7.5 million
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| Greenshoe: | For up to 650,000 non flow-through units
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| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
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