Company selling units of shares, 18-month warrants at C$0.13 per unit
By Devika Patel
Knoxville, Tenn., Feb. 29 - Strongbow Exploration Inc. said it increased a non-brokered private placement of units to C$1.16 million. The deal priced for C$1.04 million on Feb. 10.
The company will now sell 8.9 million units of one common share and one warrant at C$0.13 per unit. Each warrant is exercisable at C$0.20 for 18 months. The strike price is a 53.85% premium to the Feb. 9 closing share price of C$0.13.
Proceeds will be used for exploration activities at Strongbow's Midway and Ridgeway gold projects in South Carolina as well as general working capital.
The nickel, gold and copper exploration company is based in Vancouver, B.C.
| Issuer: | Strongbow Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,157,000
|
| Units: | 8.9 million
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 10
|
| Upsized: | Feb. 29
|
| Stock symbol: | TSX Venture: SBW
|
| Stock price: | C$0.13 at close on Feb. 9
|
| Market capitalization: | C$11.07 million
|
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