By Devika Patel
Knoxville, Tenn., June 5 - Franc-Or Resources Corp. announced it raised C$200,000 in the initial tranche of a C$2 million non-brokered private placement of units. The deal priced May 12.
In this tranche, Franc-Or sold 2 million units of one common share and one warrant at C$0.10 per unit. The company plans to sell up to 20 million units.
Each whole three-year warrant is exercisable at C$0.12.
The warrants may expire sooner if the company's shares close above C$0.18 for 20 consecutive trading days. In that case, the warrants will expire 20 days after the company notifies holders.
The deal will be completed in two tranches. The second tranche, expected to settle in mid-July, will consist of 18 million units.
Proceeds will be used for working capital purposes.
Franc-Or is a mineral exploration company based in Montreal.
Issuer: | Franc-Or Resources Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 20 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.12
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Agent: | Non-brokered
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Pricing date: | May 12
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Settlement date: | June 5 (for C$200,000)
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Stock symbol: | Toronto: FOR
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Stock price: | C$0.11 at close May 9
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