Archive for category Financings

Cloudbreak Resources Increases Size of Financing

Posted by Admin in Financings, News Releases on July 29, 2009

Cloudbreak Resources Ltd. has increased the current private placement offering from a maximum of five million units to six million units at a purchase price of 6.5 cents per unit for total gross proceeds of up to $390,000. As previously announced, each unit will continue to comprise one common share and one warrant with each warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of five years from closing.

The company will also increase the private placement of 15 million flow-through units to 17 million flow-through units at a purchase price of 6.5 cents per flow-through unit for total gross proceeds of up to $1,105,000. Each flow-through unit will continue to comprise one common share issued on a flow-through basis and one warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of two years from closing.

The moneys from the sale of the units will be used for general working capital and for further development of the company’s Canadian properties. The moneys from the sale of the flow-through units will be used for the company’s exploration activities on its Canadian mineral properties.

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Pacific Ridge Does Rollback and Finances

Posted by Admin in Corporate Updates, Financings, News Releases on July 24, 2009

Further to Pacific Ridge Exploration Ltd.’s news release of July 13, 2009, the company has proceeded with the 1:4 consolidation of its issued common shares without a change of name. Effective at the opening of the market on July 24, 2009, the company’s shares will trade on a consolidated basis under the symbol PEX (with new Cusip No. 694798208). Letters of transmittal will be forthcoming.

The company also announced that it is proposing to sell by way of non-brokered private placements up to 2.5 million flow-through shares to Canadian resident investors, each flow-though share priced at 20 cents to raise gross proceeds of $450,000, and up to 2.5 million units at a price of 20 cents per unit to raise gross proceeds of $450,000. Each unit consists of one common share and one-half of a transferable share purchase warrant, each whole warrant entitling the holder to purchase one common share at a price of 25 cents per share for 12 months.

The company will use the gross proceeds from the sale of the flow-through shares for Canadian exploration expenses (CEE), within the meaning of the Income Tax Act (Canada), with the company using its best efforts to ensure that such CEE qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada), related to the exploration of the company’s mineral exploration projects located in Yukon, Canada. The company expects to renounce such CEE with an effective date of Dec. 31, 2009. The company will use the gross proceeds from the sale of the units for general working capital purposes and development of the company’s mineral property portfolio.

In connection with the private placements, the company is proposing to pay finders’ fees in cash (6 per cent) or shares equal in number to 6 per cent of the number of flow-through shares and units purchased by investors that may be introduced to the company by finders.

The private placements and payment of finders’ fees are subject to regulatory approval.

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Cloudbreak Announces Financing

Posted by Admin in Financings, News Releases on July 23, 2009

Cloudbreak Resources is planning to proceed with a non-brokered private placement of up to five million units at a purchase price of 6.5 cents per unit for proceeds of up to $325,000. Each unit shall consist of one non-flow-through common share and one warrant with each warrant entitling the holder to purchase one common shares at a price of 10 cents per share for a period of five years from closing. The company also wishes to announce a non-brokered private placement of up to 15 million flow-through units at a purchase price of 6.5 cents per flow-through unit for proceeds of up to $975,000. Each flow through unit shall consist of one common share issued on a flow-through basis and one warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of two years from closing. The funds from the sale of units will be used for general working capital and for further development of the company’s Canadian properties. The funds from the sale of flow through units will be used for the company’s exploration activities on its Canadian mineral properties. Finders fees will be payable within the TSX Venture Exchange guidelines. This transaction is subject to the approval of the TSX-V.

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Ashburton Ventures Commences Work Program in the Yukon; Financing

Posted by Admin in Field Work, Financings, News Releases on July 22, 2009

Ashburton Ventures has commenced field work on its holdings in the Yukon, adjacent to Underworld Resources White Gold discovery. A geologic mapping and geochemical soil sampling crew moved into the properties over this past weekend to begin work on the first phase of exploration of the area.

Ashburton claims are immediately adjacent to the claims controlled by Underworld and approximately 10 kilometres north and slightly east of Golden Saddle. Analysis of the published regional geologic mapping suggests that both areas are hosted by similarly aged metamorphic rocks to those at the Golden Saddle discovery.

Work on the Ashburton ground is being directed by David Hedderly-Smith, PhD, PG, who is accompanying the crew in the field. He has done work in similarly aged rocks in east-central Alaska, 100 kilometres to the northwest, off and on since the 1970s.  Dr. Hedderly-Smith, a qualified person as defined by N.I. 43-101, has approved the information in this press release.

The company also announces it has arranged a non-brokered private placement of up to five million units at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of 12 cents per share for a period of 18 months from the date of issuance. A finder’s fee may be payable on each private placement of up to 10 per cent cash and up to 10 per cent share purchase B warrants. Each B warrant will entitle the holder to purchase one common share for 10 cents per share for a period of one year.

The private placement is subject to the acceptance for filing by the TSX Venture Exchange. The proceeds from the private placement will be used towards work programs and for general working capital.

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Newcastle Minerals Closes Financing

Posted by Admin in Financings, News Releases on July 20, 2009

Newcastle Minerals is pleased to announce that it has closed its non-brokered private placement of 6,000,000 units at a price of $0.03 per unit. 

Each unit consists of one common share and one warrant.  Each warrant, in turn, entitles the holder to purchase an additional common share until July 20, 2011 at a price of $0.07 per share until July 20, 2010 and $0.10 per share thereafter.  The units are subject to a hold period expiring November 21, 2009. 

The proceeds from the private placement will be used for exploration of Newcastle’s Yukon mineral claims and working capital.  A finder’s fee of $6,000 cash will be paid in respect of the offering.

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Kaminak Closes Flow-Through Private Placement

Posted by Admin in Financings, News Releases on July 15, 2009

Kaminak Gold Corp. has closed the flow-through private placement offering of one million flow-through units (FT units) at a price of 50 cents per unit, for total gross proceeds of $500,000.

Each FT unit sold consists of one flow-through share and one non-flow-through common share purchase warrant expiring July 9, 2011. Each whole common share purchase warrant will be exercisable into one common share at a price of 55 cents per share until July 9, 2010, and 70 cents per share until July 9, 2011. All securities issued in the private placement will be subject to a hold period until Nov. 10, 2009.

The warrants are subject to an acceleration clause, whereby, if the weighted-average trading price of the corporation’s shares on the exchange is at a price greater than 10 cents above the strike price of a whole common share purchase warrant for a period of 10 consecutive trading days, the corporation will have the right to accelerate the expiry date of the warrants. The corporation will give written notice to the holders of the warrants that the warrants will expire within 30 days of the date notice provided by the corporation to the warrant holders. Such notice by the corporation to the holders of the warrants may not be given until after Nov. 10, 2009.

Proceeds for the offering will be used to finance 2009 exploration programs on Kaminak’s Yukon gold and Thunder Bay platinum-palladium properties.

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First Lithium Closes Private Placement and Gets Exchange Appoval of Yukon Claims

Posted by Admin in Financings, News Releases, Property Acquisitions on July 14, 2009

First Lithium Resources Inc. has finished the final closing of its non-brokered private placement financing. The offering raised gross proceeds of $330,000. A total of 3.3 million units of the company were issued in the private placement at a price of 10 cents per unit. The units were issued in two tranches, whereby 600,000 units issued were issued on June 30, 2009, and 2.7 million units issued in the second and final tranche were issued on July 9, 2009. Each unit comprises one common share and one warrant, with each warrant entitling the holder to acquire one common share of the company for a period of two years following the closing date at an exercise price of 15 cents per share in the first year and 20 cents per share in the second year. Finders’ fees comprising $6,000 cash and 60,000 warrants are payable to Northern Securities Inc. with the same terms as those to be issued pursuant to the private placement and $20,000 cash only is payable to Frontline Investment Managers Ltd. All securities issued in the private placement are subject to a four-month hold period in Canada from the date of issuance. All currency references are in Canadian dollars. The moneys will be used for general working capital and for further development of the company’s Canadian properties.

The TSX Venture Exchange has accepted for filing a purchase agreement dated June 16, 2009, between First Lithium Resources and Blair Naughty, whereby the company is to acquire 25 quartz claims located in the Yukon, 95 kilometres south of Dawson City, Yukon. In consideration, the company will pay $75,000 in cash and issue 800,000 shares in the first year. Work commitments are $25,000 in exploration expenditures by June 1, 2010, and $225,000 by Sept. 30, 2010. Mr. Naughty will retain a 3-per-cent net smelter return royalty, of which 1 per cent can be purchased by the company at any time before the commencement of commercial production upon payment of $1-million in cash, shares or combination thereof, subject to the exchange approval.

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Stina Resources has Closed Private Placement

Posted by Admin in Financings, News Releases on July 13, 2009

Stina Resources Ltd. has closed the private placement sale of three million common shares at a price of 47 cents per common share reported on June 19, 2009. The company also issued 250,000 common shares to Ryanwood Exploration Inc. pursuant to the Kodiak property option agreement previously announced on June 19, 2009.
Stina is also pleased to announce the closing of the non-brokered private placement of 1,923,076 flow-through units at 52 cents per flow-through unit to the MineralFields Group.
Stina announces Nov. 11, 2009, as the hold period expiry date in respect of the shares issued pursuant to the above-mentioned private placements, including the shares issued upon exercise of the shares purchase warrants comprising the flow-through units and the 250,000 common shares issued to Ryanwood Exploration.
On July 8, 2009, the TSX Venture Exchange accepted for expedited filing documentation an option agreement dated June 18, 2009, between Stina and Ryanwood Exploration whereby the issuer was granted an option to earn a 100-per-cent interest in certain mining claims (the Kodiak gold property) located in the Dawson mining district of the Yukon.

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Habanero Resources Gets Loan

Posted by Admin in Financings, News Releases on July 13, 2009

Habanero Resources Inc. has arranged to borrow from non-arm’s-length lenders and arm’s-length lenders the total amount of $99,000. Habanero has agreed, subject to TSX Venture Exchange acceptance, to pay to the lenders a bonus equal to 20 per cent of the loan. The bonus will be paid by the issuance of 396,000 common shares at a price of five cents per share. The shares will be subject to a four-month hold period from the date of issue.

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Western Copper Closes C$4 Million Flow-Through Financing And Commences Exploration Activities

Posted by Admin in Field Work, Financings, News Releases on July 13, 2009

Western Copper Corporation is pleased to announce that, further to its news release dated July 06, 2009, it has completed a flow-through financing for gross proceeds of C$4,000,000, representing 100% subscription.

The gross proceeds will be used for exploration activities, primarily at the Company’s world class Casino gold-copper-molybdenum project located in the Yukon. Exploration activities at Casino will commence immediately consisting initially of a Quantec Titan 24 Deep Penetrating IP geophysical survey to expand our understanding of the extent of the deposit limits, followed by a drilling program of approximately 10,000 metres.

Pursuant to the Offering, Western Copper issued 4,000,000 units, comprised of one flow-through common share of the Company at a price of C$1.00 and one-half of one common share purchase warrant. Each whole warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire three years following closing. If, commencing on the date that is four months plus one day following the closing of the Offering, the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$2.00 for twenty consecutive trading days, the Company will have the right to accelerate the expiry date of warrants by giving thirty days written notice to the holder.

Casimir Capital L.P. acted as the agent of the Offering, while Kingsdale Capital Markets Inc. participated as part of the selling group. At the closing, the Agent received a cash commission and warrants, both equal to 6% of the gross proceeds raised. Each warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire two years following closing. If the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$1.75 for fifteen consecutive trading days, the Company will have the right to accelerate the expiry date of the Agent’s Warrants by giving thirty days written notice to the Agent.

As a result of the completion of the Offering, Western Copper’s share structure consists of 76,819,036 common shares, 4,116,834 options and 2,240,000 warrants, totaling 83,175,870 fully diluted shares.

In accordance with securities legislation currently in effect, the flow through shares, warrants, any common shares issued on exercise of the warrants, and Agent’s Warrants will be subject to a hold period of four months plus one day extending from the closing date of the transaction.

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