Brokered deal is expected to fund exploration of Haig Inlet property
By Devika Patel
Knoxville, Tenn., Dec. 4 - Canadian Orebodies Inc. said it settled a C$2 million tranche of a C$3.5 million private placement of units. Marquest Asset Management Inc. and Secutor Capital Management Corp. were the lead agents for the deal, which priced on Nov. 15.
The company is selling units of one common share and one half-share warrant at C$0.18 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.20 per unit. It sold 10 million flow-through units in the first tranche.
Each whole warrant is exercisable at C$0.30 for 18 months. The strike price represents a 57.9% premium to the Nov. 14 closing share price of C$0.19.
Proceeds will be used primarily for exploration and advancement of the Haig Inlet Iron Project and general working capital purposes.
Based in Timmins, Ont., Canadian Orebodies is a junior natural resource exploration and development company.
| Issuer: | Canadian Orebodies Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$3.5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agents: | Marquest Asset Management Inc. and Secutor Capital Management Corp. (leads)
|
| Pricing date: | Nov. 15
|
| Settlement date: | Dec. 4 (for C$2 million)
|
| Stock symbol: | TSX Venture: CO
|
| Stock price: | C$0.19 at close Nov. 14
|
| Market capitalization: | C$21.36 million
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Price: | C$0.18
|
|
|
| Flow-through units
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| Amount: | C$2 million
|
| Units: | 10 million
|
| Price: | C$0.20
|
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