Oct 31 2015
Metanor Resources Inc. announces that it has undertaken to complete a brokered private placement and will be offering, through Secutor Capital Management Corp.: i) a maximum 40,000,000 units priced at $0.05 each, which consist of one common share and one common share purchase warrant having an exercise price of $0.065 and a term of 36 months, for maximum proceeds of $2,000,000; and (ii) 33,333,333 flow-through units priced at $0.06 each, which consist of one flow-through common share and one half of one common share purchase warrant having an exercise price of $0.065 and a term of 36 months, for maximum proceeds of $2,000,000 and gross aggregate proceeds of $4,000,000.
The proceeds of the offering will be used for exploration work on Metanor's Quebec properties, namely the South Zone near Bachelor which has been actively drilled form the surface it the past few weeks and has shown positive results, and general working capital. Please refer to press releases issued October 27th and 29th of 2015.
In connection, with the private placement, the agent will receive a cash fee equal to 6% of the gross proceeds raised and will receive non-transferable broker warrants, in a quantity equal to 6% of the gross proceeds raised. All securities issued will be subject to a four month hold period and this transaction remain subject to the approval of the TSX Venture Exchange.