By Sheri Kasprzak
New York, Oct. 25 - Full Metal Minerals Ltd. said it has completed its previously announced private placement, with a fully exercised over-allotment option, for C$3 million.
The company sold a total of 3.75 million units, including a greenshoe for 625,000 units exercised by underwriter Canaccord Capital Corp., at C$0.80 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.00 each for two years.
The expiry of the warrants may be accelerated during the second year of the term if the company's stock trades above C$1.50 for more than 20 consecutive trading days.
The offering was first announced Oct. 7 as a C$2.5 million deal under the same terms.
Proceeds will be used for exploration on the company's Lucky Shot gold project in Alaska and for working capital.
Based in Vancouver, B.C., Full Metal is a mineral exploration company.
| Issuer: | Full Metal Minerals Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 3.75 million (includes greenshoe for 625,000 units)
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| Price: | C$0.80
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
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| Underwriter: | Canaccord Capital Corp.
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 25
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| Stock price: | C$0.84 at close Oct. 7
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| Stock price: | C$0.82 at close Oct. 25
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