By Sheri Kasprzak
New York, Nov. 8 - Norex Exploration Services Inc. said it has priced a C$10 million private placement.
The offering includes 14,925,373 units at C$0.67 each sold to ARC Energy Venture Fund 4.
The units are comprised of one share and one warrant for 0.4 of a share. The whole warrants allow for the purchase of an additional share at C$0.84 each for one year.
ARC may appoint two directors to Norex's board.
Proceeds will be used for acquisitions, the purchase of seismic recording equipment and working capital.
Calgary, Alta.-based Norex provides two-dimensional and three-dimensional seismic data services to the mineral exploration sector.
| Issuer: | Norex Exploration Services Inc.
|
| Issue: | Units of one share and 0.4 of a warrant
|
| Amount: | C$10 million
|
| Units: | 14,925,373
|
| Price: | C$0.67
|
| Warrants: | One 0.4 of a warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.84
|
| Investor: | ARC Energy Venture Fund 4
|
| Pricing date: | Nov. 8
|
| Stock price: | C$0.84 at close Nov. 7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
