By Laura Lutz
Des Moines, Nov. 17 - Newfoundland Goldbar Resources, Inc. increased the size of its private placement of units to C$1.3 million.
The company plans to sell 21,666,667 units of one share and one warrant at C$0.06 per unit. Each warrant will be exercisable at C$0.10 for one year.
Insiders of the company are expected to purchase 975,000 of the units.
The deal priced on Sept. 12 as a C$1 million placement of 20 million units at C$0.05 each.
On Oct. 18, the offering was revised to 16,666,666 units at C$0.06 each.
The deal will be non-brokered.
Proceeds will be used to satisfy debt, to pursue business opportunities and for general working capital.
Newfoundland Goldbar is a mining company based in St. Johns, Newfoundland.
| Issuer: | Newfoundland Goldbar Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.3 million
|
| Units: | 21,666,667
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 12
|
| Amended: | Oct. 18
|
| Amended: | Nov. 17
|
| Stock symbol: | NEX Board: NGB-H
|
| Stock price: | C$0.05 at close Sept. 12
|
| Stock price: | C$0.08 at close Oct. 18
|
| Stock price: | C$0.12 at close Nov. 17
|
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