By Sheri Kasprzak
New York, March 6 - McVicar Resources Inc. said it altered its previously announced private placement, dropping the number of units offered and raising the price.
The company now plans to sell up to 2 million units at C$0.85 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.25 for two years.
The deal priced on Jan. 17 as a C$2.25 million offering of 3 million units at C$0.75 each. The units originally included one whole warrant.
Proceeds will be used for acquisitions, exploration and working capital.
Based in Toronto, McVicar is a mineral exploration and chemical production company.
| Issuer: | McVicar Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.7 million
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| Units: | 2 million
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| Price: | C$0.85
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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$1.25
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| Pricing date: | Jan. 16
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| Stock symbol: | TSX Venture: MCV
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| Stock price: | C$1.05 at close Jan. 16
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| Stock price: | C$1.00 at close March 6
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