Vancouver Montreal-based Majescor Resources (MAJ-V) will sell a private placement financing for a gross proceeds of $900,000. The money will be put towards advance its diamond exploration projects in Quebec and Victoria Island, Nunavut.
The private placement will consist of 1.15 million flow-through common shares and 2.14 million flow-through units. The flow-through shares are priced at $0.26 per share and the units are priced at $0.28 per unit. Each unit shall consist of one flow-through common share and one half of one common share purchase warrant. Each whole common share purchase warrant can be exercised for a year after the closing date at price of $0.40.
Canaccord Capital and Dundee Securities will act as agents for the flow-through offerings. Both financiers will be paid a cash fee that is equivalent to 8% of the gross proceeds. Broker warrants will also be issued to the agents. The number of warrants will equal 10% of the total number of units and shares sold. These warrants will be exercisable for common shares at a price of $0.30 per common share for a 1 year period after the closing date.
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