By Devika Patel
Knoxville, Tenn., April 29 - Western Warrior Resources Inc. said it completed the second and final tranche of a C$1.83 million private placement of units, raising C$42,550. The deal priced April 1 for C$2 million and the company raised C$1.79 million in the first tranche on April 9.
Western Warrior sold 7,774,306 units at C$0.23 per unit to MineralFields Group in the first tranche. It sold 185,000 units in this tranche. The company planned to sell 8,695,652 units total, but ended up selling 7,959,306 units.
Each unit consists of one flow-through common share and one half-share warrant with each whole warrant exercisable at C$0.30 for one year.
The warrants may expire earlier if the company's shares trade at C$0.45 or higher on a volume-weighted average basis for any 10-trading day period. In that case, the warrants will expire 15 calendar days after the company notifies the investor.
Proceeds will be used to fund exploration programs.
Western Warrior is a Calgary, Alta.-based mineral exploration company.
| Issuer: | Western Warrior Resources Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,830,640.38
|
| Units: | 7,959,306
|
| Price: | C$0.23
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Investor: | MineralFields Group
|
| Pricing date: | April 1
|
| Settlement date: | April 9 (for C$1,788,090.38), April 29 (for C$42,550)
|
| Stock symbol: | TSX Venture: WWR
|
| Stock price: | C$0.24 at close April 1
|
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