By Sheri Kasprzak
New York, June 15 - Cross Lake Minerals Ltd. concluded its previously announced private placement for C$10,201,550.
The company sold 7,272,000 units at C$0.65 each and 7,299,667 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 deal priced on April 28 as a C$9.75 million offering but was upsized to C$10.25 million on May 18.
Pacific International Securities Inc. was the placement agent.
The offering was conducted to restart operations at the company's QR Mine and to finance development on the company's North Zone diamond drilling project.
Vancouver, B.C.-based Cross Lake is a mineral exploration company.
| Issuer: | Cross Lake Minerals Ltd.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$10,201,550
|
| Placement agent: | Pacific International Securities Inc.
|
| Pricing date: | April 28
|
| Upsized: | May 18
|
| Settlement date: | June 14
|
| Stock symbol: | Toronto: CRN
|
| Stock price: | C$0.145 at close April 28
|
| Stock price: | C$0.14 at close May 18
|
| Stock price: | C$0.53 at close June 14
|
|
|
| Flow-through units
|
| Units: | 7,299,667
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
|
|
| Non flow-through units
|
| Units: | 7,272,000
|
| 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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