By Devika Patel
Knoxville, Tenn., Feb. 28 - GLR Resources Inc. completed a C$4.01 million private placement of flow-through shares and units. The deal priced Jan. 30 for C$4 million.
The company planned to sell up to 5 million units of one share and one warrant at C$0.40 per unit for C$2 million but ended up selling 5,025,000 units for C$2.01 million. Each whole warrant will be exercisable at C$0.60 for two years. GLR also sold 4 million flow-through shares at C$0.50 per share for C$2 million.
Blackmont Capital Inc. and Evergreen Capital Partners Inc., the agents, were paid a 6% cash commission and warrants to buy 541,500 units.
Proceeds will be used for capital expenditures, exploration and general working capital.
GLR is a resource exploration company based in Kirkland Lake, Ont.
| Issuer: | GLR Resources Inc.
|
| Issue: | Units of one share and one warrant, flow-through shares
|
| Amount: | C$4.01 million
|
| Agents: | Blackmont Capital Inc., Evergreen Capital Partners Inc.
|
| Fees: | 6% in cash and warrants for 541,500 units
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 28
|
| Stock symbol: | Toronto: GRS
|
| Stock price: | C$0.44 at close Jan. 29
|
|
|
| Units
|
| Amount: | C$2.01 million
|
| Units: | 5,025,000
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
|
|
| Shares
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| Amount: | C$2 million
|
| Shares: | 4 million
|
| Price: | C$0.50
|
| Warrants: | No
|
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