High Volume for NEI Netco notched its highest trading volume in over a year with 721,000 traded on the various exchanges. Tranche One of the private placement is completed and judging from the stock price trading so many shares above the PP pricing there must be a few people who didn't get all they wanted in the PP process.
Netco Silver closes $596,875 first tranche financing
Netco Silver Inc (C:NEI)
Shares Issued 40,573,275
Last Close 2/29/2012
.16
Thursday March 01 2012 - News Release
Mr. Colin Bowkett reports
NETCO SILVER ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING FOR GROSS PROCEEDS OF $596,875
Netco Silver Inc. has closed the first tranche of the private placement financing it previously announced by news releases dated Feb. 3, 2012, and Feb. 22, 2012, pursuant to which it has issued 4,775,000 units at a price of 12.5 cents per unit for gross proceeds of $596,875.
Each unit issued consisted of one common share of the company and one-half of one common share purchase warrant, and each warrant entitles the holder to purchase an additional common share at 22 cents per share for a period of 24 months from the closing of the financing. The warrants contain a provision providing that if the company's shares trade at a closing price in excess of 30 cents on the TSX Venture Exchange (or such other exchange on which the company's shares are then principally traded) for a period of 10 consecutive trading days, the company may issue a notice accelerating the expiry date to 30 days from the date of such notice.
In connection with this closing, the Company paid aggregate cash commissions of $35,700 and issued an aggregate of 285,600 finder's warrants, with each finder's warrant exercisable into one common share at a price of
.125 per share for a period of 18 months.
The Company expects to complete the final tranche of the Financing in the coming days and will disseminate a press release upon closing. Proceeds of the Financing will be used to fund exploration work commitments on the Company's properties and for general working capital requirements.
All securities issued in connection with the Financing are subject to a four-month hold period in accordance with applicable Canadian securities laws. Closing of any further tranches of the Financing will be subject to the approval of the Exchange.