Deal sells 40 million units of a share, a warrant at C$0.125 per unit
By Devika Patel
Knoxville, Tenn., June 29 – Strongbow Exploration Inc. said it raised C$1.8 million in the first tranche of a C$5 million non-brokered private placement of units on Tuesday. The deal priced on May 31.
The company is selling 40 million units of one common share and one warrant at C$0.125 per unit. It sold 14.36 million units in the initial tranche.
Each warrant is exercisable at C$0.20 for three years, with the first-tranche warrants expiring on June 28, 2019. The strike price reflects a 42.86% premium to the May 30 closing share price of C$0.14.
Proceeds will be used to acquire the South Crofty tin project and for general working capital.
The nickel, gold, tin and copper exploration company is based in Vancouver, B.C.
| Issuer: | Strongbow Exploration Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$5 million
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| Units: | 40 million
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| Price: | C$0.125
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years, June 28, 2019
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| Warrant strike price: | C$0.20
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| Agent: | Non-brokered
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| Pricing date: | May 31
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| Settlement date: | June 28 (for C$1,795,000)
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| Stock symbol: | TSX Venture: SBW
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| Stock price: | C$0.14 at close May 30
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| Market capitalization: | C$3.46 million
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