second financing closes
Yale Resources closes $1-million private placement
2007-08-09 12:49 ET - News Release
Mr. Ian Foreman reports
BROKERED FINANCING CLOSED
Yale Resources Ltd. has closed the brokered private placement with PI Financial Corp., which was previously announced in Stockwatch on July 11, 2007. The placement totalled four million units at a price of 25 cents per unit and raised a total of $1-million. Each unit consists of one common share and one-half of a transferable common share purchase warrant. Each whole such common share purchase warrant will be valid for a period of two years and will entitle the holder to purchase an additional common share at a price of 50 cents per share. The warrants will expire on Aug. 8, 2009.
As consideration for acting as agent, the company has paid the agent a commission of 8 per cent paid as to $29,750 in cash and the balance as to 201,000 commission units on the same terms as the units of the offering. The agent also received 400,000 compensation options. Each compensation option will be valid for a period of two years and will entitle the agent to purchase an additional common share at a price of 30 cents per share.
All securities issued pursuant to this financing are subject to a hold period until Dec. 9, 2007.
Proceeds of the placement will be applied to work programs in Mexico, as well as new opportunities and general working capital.
We seek Safe Harbor.