Toronto junior Andaurex Resources (VSE) has agreed, subject to regulatory approval, to sell by way of a private placement 1.1 million units priced at 20 cents each.
The units consist of one common share and one non-transferable share purchase warrant entitling the holder to acquire an additional common share of Andaurex at 25 cents. The warrants will expire two years from the date of issue.
Proceeds of the placement will be added to working capital now standing at $1 million. Andaurex says it plans to acquire an interest in small- to medium-size projects with near-term cash flow potential.
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