By Devika Patel
Knoxville, Tenn., May 8 - Selwyn Resources Ltd. said it will raise C$4 million in a non-brokered private placement of units and stock.
The company will sell units at C$0.10 apiece for C$3.75 million and flow-through shares at C$0.10 apiece for C$250,000.
Each unit comprises one common share and one half-share warrant. Each whole warrant is exercisable at C$0.15 for two years.
The offering is expected to close in two tranches, with the flow-through portion settling on May 13 and the unit portion settling on May 29.
Proceeds will be used for exploration, advancement of the Selwyn Project and for general working capital.
Selwyn is a resource exploration company based in Vancouver, B.C.
Issuer: | Selwyn Resources Ltd.
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Issue: | Units of one common share and one half-share warrant; flow-through shares
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Amount: | C$4 million
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Agent: | Non-brokered
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Pricing date: | May 8
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Settlement date: | May 13 (for C$250,000), May 29 (for C$3.75 million)
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Stock symbol: | TSX Venture: SWN
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Stock price: | C$0.09 at close May 7
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Market capitalization: | C$17.1 million
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Units
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Amount: | C$3.75 million
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Price: | C$0.10
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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$0.15
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Shares
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Amount: | C$250,000
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Price: | C$0.10
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Warrants: | No
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