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METANOR RESOURCES INC.: CLOSING OF SECOND TRANCHE; $ 842,327 IN PRIVATE PLACEMENT
Metanor Resources Inc. has completed a second tranche of $842,327 in the brokered private placement undertaken by Secutor Capital Management Corp. for total gross proceeds raised of $3,507,127, and has issued in connection with this tranche: (i) five million units priced at five cents each, which consist of one common share and one common share purchase warrant having an exercise price of 6.5 cents and a term of 36 months, for proceeds of $250,000; and (ii) 9,872,116 flow-through units priced at six cents each, which consist of one flow-through common share and one-half of one common share purchase warrant having an exercise price of 6.5 cents and a term of 36 months, for proceeds of $592,327.
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 from the surface over the past few weeks and has shown positive results, and general working capital. Please refer to press releases issued Oct. 27 and Oct. 29, 2015.
In connection with the private placement, the agent received a cash fee equal to 6 per cent of the gross proceeds raised and will receive non-transferable broker warrants, in a quantity equal to 6 per cent of the gross proceeds raised. Each broker warrant is valid for 36 months and has an exercise price of 5.5 cents. 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.
We seek Safe Harbor.