Non-brokered offering is expected to finance upcoming field programs
By Devika Patel
Knoxville, Tenn., Oct. 20 – Canterra Minerals Corp. announced it raised C$500,000 in the first tranche of a non-brokered private placement. The deal priced for C$1 million, or up to 16.67 million units, on July 8.
The company is selling units of one common share and one half-share warrant at C$0.06 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.08 per unit. It sold 4,682,547 units and 2,738,096 flow-through units in the initial tranche.
Each whole unit warrant is exercisable at C$0.08 for two years. Each whole flow-through unit warrant is exercisable at C$0.10 for two years. The strike prices are 33.33% and 66.67% premiums to the July 7 closing share price of C$0.06.
Proceeds will be used for upcoming field programs.
Canterra is a diamond, base metals and uranium explorer in Vancouver, B.C.
| Issuer: | Canterra Minerals Corp.
|
| 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$1 million
|
| Units: | 16.67 million (maximum)
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | July 8
|
| Settlement date: | Oct. 20 (for C$500,000)
|
| Stock symbol: | TSX Venture: CTM
|
| Stock price: | C$0.06 at close July 7
|
| Market capitalization: | C$2.99 million
|
|
|
| Units
|
| Price: | C$0.06
|
| Warrant strike price: | C$0.08
|
|
|
| Flow-through units
|
| Price: | C$0.08
|
| Warrant strike price: | C$0.10
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
