By Laura Lutz
Des Moines, Oct. 25 - Explor Resources Inc. negotiated a C$1.05 million private placement of units.
The company will sell up to 1.5 million flow-through units at C$0.35 each and 1.5 million non flow-through units at the same price.
Each flow-through unit consists of one flow-through share and one half-share warrant. Each non flow-through unit consists of one non flow-through share and one warrant.
Each whole warrant from either series of units will be exercisable for one non flow-through share at C$0.50 for two years.
Union Securities Ltd., the agent, has a greenshoe for up to C$500,000.
Explor is a resource exploration company based in Rouyn-Noranda, Quebec.
Issuer: | Explor Resources Inc.
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Issue: | Units of one flow-through share and one half-share non flow-through warrant; units of one non flow-through share and one half-share non flow-through warrant
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Amount: | C$1.05 million
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Greenshoe: | C$500,000
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Agent: | Union Securities Ltd.
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Pricing date: | Oct. 25
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Stock symbol: | TSX Venture: EXS
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Stock price: | C$0.39 at close Oct. 24
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Flow-through units
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Units: | 1.5 million
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Price: | C$0.35
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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Non flow-through units
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Units: | 1.5 million
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Price: | C$0.35
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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