By Sheri Kasprzak
New York, April 13 - Stroud Resources Ltd. has upsized to C$4,199,400 its previously announced C$3,499,200 non-brokered private placement.
The company plans to sell up to 23.33 million units at C$0.18 each.
The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.30 each for two years.
The expiry of the warrants may be accelerated if the average closing stock price exceeds C$0.375 for 20 consecutive trading days.
The deal priced April 12 as a C$3,499,200 private placement of 19.44 million units.
The proceeds will be used for the acquisition of a 50% interest in the Santo Domingo silver project in Jalisco, Mexico. The proceeds will also be used for diamond drilling on the Santo Domingo project and for general corporate purposes.
Stroud is a mineral and natural gas exploration company based in Toronto.
| Issuer: | Stroud Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4,199,400
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| Units: | 23.33 million
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| Price: | C$0.18
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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$0.30
|
| Placement agent: | Non-brokered
|
| Pricing date: | April 12
|
| Upsized: | April 13
|
| Stock symbol: | TSX Venture: SDR
|
| Stock price: | C$0.22 at close April 13
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