By Sheri Kasprzak
Atlanta, Oct. 15 - Berkley Resources Inc. announced a C$3 million private placement Friday.
The company is offering up to two million units of one flow-through share and a ½ non-transferable flow-through share purchase warrant at C$1 per unit. The shares come with tax benefits of the Canadian exploration expenses incurred by Berkley. The flow-through offering will also entitle the investor to an additional non-flow-through share at C$1.25 during the first year and C$1.50 during the second year from the closing date.
The company also arranged a separate, partially brokered private placement of a million units at C$1. Each unit consists of one common share and ½ non-transferable purchase warrant.
Each whole warrant under the non-flow-through offerings is good for an additional share at C$1.10.
Of the non-flow-through shares, 200,000 will be brokered through Canaccord Capital Corp. and 800,000 units will be non-brokered.
Berkley, which is based in Vancouver, B.C., is a resource and development company. The company plans to use the funds from the offerings for exploration and development work on oil and gas properties, and for general working capital.
| Issuer: | Berkley Resources Inc.
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| Amount: | C$3 million
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| Stock price: | C$1 at close Oct. 15
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| Flow-through offering
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| Issue: | Units of one flow-through share and ½ non-transferable flow-through share purchase warrant
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| Amount: | C$2 million
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| Shares: | 2 million units
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| Price: | C$1 per unit
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| Warrants: | ½ non-transferable flow-through share purchase warrants in each unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.25 for the first year, $1.50 for the second year
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| Placement agent: | Canaccord Capital Corp.
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| Announcement date: | Oct. 15
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| Non flow-through offering
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| Issue: | Units of one common share and ½ non-transferable share purchase warrant
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| Amount: | C$1 million
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| Shares: | 1 million units
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| Price: | C$1 per unit
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| Warrants: | ½ non-transferable flow-through share purchase warrants in each unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.10 for the first year, $1.25 for the second year
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| Placement agent: | Canaccord Capital Corp. (for 200,000 units, remainder non-brokered)
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| Announcement date: | Oct. 15
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