By Sheri Kasprzak
Atlanta, Jan. 18 - Knight Resources Ltd. closed a private placement of shares and units for C$1.15 million.
The company sold 2.8 million flow-through shares at C$0.25 each. The company also sold 1 million units at C$0.45 each to Anglo American Exploration Ltd.
The units are comprised of one share and one warrant. The warrants allow for an additional share at C$0.45 each through Dec. 29, 2005.
Two million of the flow-through shares are subject to a four-month hold ending May 13, 2005, and 800,000 of the flow-through shares are subject to a four-month hold ending April 30, 2005.
The shares comprising the units are subject to a four-month hold that expires April 30, 2005.
The offering completes Anglo American's obligations to fund 20% of Knight's exploration on the West Raglan project.
In other news at Knight, the company granted options for 840,000 shares to certain directors, officers and employees and options for 150,000 shares to Vanguard Shareholder Solutions, its investor relations firm. The options are exercisable at C$0.25 each for two years.
Based in Vancouver, B.C., Knight is a nickel exploration and development company. It plans to use the proceeds from the offering for working capital and for its 2005 exploration program on the West Raglan project.
Issuer: | Knight Resources Ltd.
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Issue: | Flow-through shares and units of one share and one warrant
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Amount: | C$1.15 million
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Investors: | Anglo American Exploration Ltd. (for the units)
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Settlement date: | Jan. 17
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Stock price: | C$0.19 at close Jan. 17
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Flow-through shares
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Issue: | Flow-through shares
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Shares: | 2.8 million
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Price: | C$0.25
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Warrants: | No
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Units
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Issue: | Units of one share and one warrant
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Units: | 1 million
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Price: | C$0.45
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Warrants: | One warrant per unit
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Warrant expiration: | Dec. 29, 2005
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Warrant strike price: | C$0.45
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