Affinor Resources (
CSE:AFI,
StockForum), a Montreal Quebec-based mineral exploration firm turned medical marijuana hopeful, announced today that the company was putting out a non-brokered private placement offering of up to $2.5 million at a price of $0.25 per unit.
According to the
news release, “The common share purchase warrant has a term of two years exercisable at $0.40 with an early exercise provision when the common shares of the company trade above $0.75 for 20 consecutive trading days. A cash commission equal to 10 per cent of the gross proceeds of the private placement shall be payable. The closing of the private placement is expected to be on April 4, 2014.”
It went on to note, “The net proceeds of this private placement will be used to review and evaluate any potential acquisition or partnership in the medical marijuana and hemp industries, to attract top experts in the sectors, to be listed on the US Exchange, Marijuana Exchange and the Frankfurt Exchange and for working capital.”
Affinor also intends on issuing six hundred fourteen thousands shares for debt to the management and consultants with both the equity private placement and the shares for debt remaining subject to the receipt of all required regulatory approvals.
The company was in the news recently when
the company was mentioned in a Stockhouse roundup of the sector yesterday.
Shares climbed 16.13% on the news to $0.36 per share.
Currently there are 35.4m outstanding shares with a market cap of $12.8 million.