Published on 7/21/2016 in the Prospect News PIPE Daily.
Strongbow completes C$2.29 million units sale with C$490,375 tranches
Deal sells 18,283,000 units of a share, a warrant at C$0.125 per unit
By Devika Patel
Knoxville, Tenn., July 21 – Strongbow Exploration Inc. said it raised C$490,375 in the second and third tranches of a C$2.29 million non-brokered private placement of units. The deal priced for C$5 million on May 31 and raised C$1.8 million on June 28. The third tranche was the final tranche, the company said in a press release.
The company sold 18,283,000 units of one common share and one warrant at C$0.125 per unit. It sold 14.36 million units in the initial tranche, 3,773,000 units on July 15 and 150,000 units in a third tranche on July 19.
Each warrant is exercisable at C$0.20 for three years, with the first-tranche warrants expiring on June 28, 2019, the second-tranche warrants expiring on July 15, 2019 and the third-tranche warrants expiring on July 19, 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,285,375
|
| Units: | 18,283,000
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years, June 28, 2019, July 15, 2019 and July 19, 2019
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | May 31
|
| Settlement dates: | June 28 (for C$1,795,000), July 15 (for C$471,625), July 19 (for C$18,750)
|
| Stock symbol: | TSX Venture: SBW
|
| Stock price: | C$0.14 at close May 30
|
| Market capitalization: | C$4.61 million
|
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