By Devika Patel
Knoxville, Tenn., March 15 - Diaz Resources Ltd. said it raised C$1.21 million in the initial tranche of a private placement of units. The deal priced for up to C$1.77 million on Feb. 4. Northern Securities Inc. is the agent.
The company is selling up to 11.8 million units of one common share and one half-share warrant at C$0.15 each on a best-efforts basis. It sold 8,039,500 units in this tranche.
Each full warrant is exercisable at C$0.20 until March 12, 2012.
Proceeds will be used for drilling and working capital.
Diaz is an oil and gas exploration and production company based in Calgary, Alta.
Issuer: | Diaz Resources Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.77 million (maximum)
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Units: | 11.8 million (maximum)
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Price: | C$0.15
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Warrants: | One half-share warrant per unit
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Warrant strike price: | C$0.20
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Warrant expiration: | March 12, 2012
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Agent: | Northern Securities Inc.
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Pricing date: | Feb. 4
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Settlement date: | March 15 (for C$1,205,925)
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Stock symbol: | Toronto: DZR
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Stock price: | C$0.15 at close Feb. 3
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Market capitalization: | C$12.6 million
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