East West Resource (EWR-W) has announced a private placement, arranged through Dominick and Dominick Securities, of up to 1 million special warrants at $1.20 each. Aggregate proceeds will total $1.2 million.
Each special warrant is exercisable into a unit consisting of two shares plus one share purchase warrant. A share purchase warrant allows the holder to buy another share for 70cents for up to one year.
Half the shares offered will be flow-through.
The Vancouver-based firm holds interests in exploration properties adjacent to Cross Lake Minerals’ (CRN-V) recent polymetallic discovery in the Night Hawk Lake area, east of Timmins, Ont.
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