Non-brokered deal raises proceeds for working capital and exploration
By Devika Patel
Knoxville, Tenn., Nov. 28 - Guerrero Exploration Inc. said it raised C$718,175 in the first tranche of a C$1.5 million non-brokered private placement of units on Nov. 25. The deal priced Nov. 2.
The company is selling 10 million units of one common share and one warrant at C$0.15 per unit. It sold 4,787,831 units in the initial tranche.
Each one-year warrant is exercisable at C$0.30, a 71.43% premium to the Nov. 1 closing share price of C$0.175.
Proceeds will be used for general working capital and exploration.
Northern Securities Inc., Haywood Securities Inc., Canaccord Genuity Corp. and Macquarie Private Wealth Inc. were finders.
Guerrero is a copper, gold and silver explorer in Vancouver, B.C.
| Issuer: | Guerrero Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 25 (for C$718,175)
|
| Stock symbol: | TSX Venture: GEX
|
| Stock price: | C$0.16 at close Nov. 2
|
| Market capitalization: | C$3.42 million
|
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