Deal sells 5,882,353 units of a flow-through share, half-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 15 - Mag Copper Ltd. announced it will raise C$1 million in a non-brokered private placement of units with the MineralFields Group.
The company will sell 5,882,353 units of one flow-through common share and one half-share warrant at C$0.17 per unit. Each whole, two-year warrant will be exercisable at C$0.23 in the first year and at C$0.28 in the second year. The strike prices reflect 53.33% and 86.67% premiums to the Dec. 14 closing share price of C$0.15.
Limited Market Dealer Inc. will be paid a 10% cash commission.
Proceeds will be used for exploration and development work.
Mag Copper is a Toronto copper and gold explorer.
| Issuer: | Mag Copper Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 5,882,353
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.23 in the first year, C$0.28 in the second year
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group
|
| Pricing date: | Dec. 15
|
| Stock symbol: | CNSX: QUE
|
| Stock price: | C$0.15 at close Dec. 15
|
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