Company sells 6.5 million units of one share and one warrant at $0.35
By Devika Patel
Knoxville, Tenn., Dec. 17 - Quaterra Resources Inc. said it has arranged a $2.28 million non-brokered private placement of units.
The company will sell 6.5 million units of one common share and one warrant at $0.35 per unit.
Each warrant will be exercisable at $0.53 for two years. The strike price is a 35.9% premium to $0.39, the Dec. 14 closing share price.
Settlement is expected Dec. 22.
Proceeds will be used for exploration and development programs at the company´s silver and gold projects in Mexico and at the MacArthur and Yerington copper projects in Nevada, as well as general and administration expenses.
Based in Vancouver, B.C., Quaterra acquires and explores precious and base metal mineral properties in the Americas.
| Issuer: | Quaterra Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2,275,000
|
| Units: | 6.5 million
|
| Price: | $0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.53
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Stock symbol: | NYSE: QMM
|
| Stock price: | $0.39 at close Dec. 14
|
| Market capitalization: | $50.06 million
|
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