Non-brokered offering funds exploration in Algeria and working capital
By Devika Patel
Knoxville, Tenn., Oct. 19 - Cancor Mines Inc. said it raised C$3 million in the first tranche of a C$5 million non-brokered private placement of stock. The deal priced Oct. 7.
The company is selling 25 million common shares at C$0.20 per share. It sold 15 million shares in the first tranche. The price per share is identical to the Oct. 6 closing share price.
Proceeds will be used for working capital purposes and exploration work on the company's Algerian properties.
Montreal-based Cancor explores for gold, copper and zinc.
| Issuer: | Cancor Mines Inc.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 25 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 19 (for C$3 million)
|
| Stock symbol: | CNSX: KCR
|
| Stock price: | C$0.20 at close Oct. 7
|
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