Dr. Dr. Richard Sutcliffe reports
URSA MAJOR MINERALS CLOSES BROKERED PRIVATE PLACEMENT FOR $2,471,820
Ursa Major Minerals Inc. has closed its offering of 7.5 million flow-through common shares of the company at a price of 20 cents per FT common share for gross proceeds of $1.5-million and 5,399,000 units at a price of 18 cents per unit for gross proceeds of $971,820, for total aggregate gross proceeds of $2,471,820. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of 24 cents per share for the first year following the closing date, and 30 cents per share for the second year following the closing date.
As detailed in the company's press release in Stockwatch on Jan. 31, 2011, Loewen, Ondaatje, McCutcheon Ltd. agreed to act as agent for and on behalf of the company, on a best-efforts agency basis with respect to the offering, pursuant to which they received an aggregate cash commission of 7 per cent of the gross proceeds raised in the offering, as well as such number of broker warrants as is equal to 7 per cent of the aggregate number of offered securities issued pursuant to the offering. Each broker warrant shall be exercisable to acquire one common share at a price of 19 cents per broker share for a period of 24 months from the closing date.