Non-brokered offering is slated to fund company's exploration projects
By Devika Patel
Knoxville, Tenn., Oct. 24 - Comstock Metals Ltd. said it will raise C$6 million in a non-brokered private placement of stock and units.
The company will sell flow-through common shares at C$0.45 apiece and units of one common share and a half-share warrant at C$0.38 per unit.
Each whole warrant is exercisable at C$0.45 for one year.
The price per share and warrant strike price represents a 15.39% premium to C$0.39, the Oct. 23 closing share price.
Proceeds will be used to advance the company's exploration projects, most notably the QV Property in the Yukon's White Gold District, and for general and administrative costs.
Comstock is a gold and silver explorer based in Vancouver, B.C.
| Issuer: | Comstock Metals Ltd.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$6 million
|
| Agent: | Non-brokered
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| Pricing date: | Oct. 24
|
| Stock symbol: | TSX Venture: CSL
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| Stock price: | C$0.39 at close Oct. 23
|
| Market capitalization: | C$23.72 million
|
|
|
| Shares
|
| Price: | C$0.45
|
| Warrants: | No
|
|
|
| Units
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.45
|
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