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Metanor Resources raises C$11.4M from private placements

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Metanor Resources raises C$11.4M from private placements

Metanor Resources Inc. completed its previously announced brokered private placements of units and flow-through shares, raising gross proceeds of C$11.4 million, it said Dec. 28.

The company issued 12,243,000 units at 70 cents apiece and 3,268,600 flow-through shares at 85 cents each, for C$11.3 million. The company then issued 90,000 flow-through shares for total proceeds of C$76,500, as part of a concurrent nonbrokered offering, to raise the total amount to C$11.4 million.

Each unit consists of 1 share and 0.5 share purchase warrant, with each full warrant exercisable to purchase 1 additional share at 90 cents apiece during the 24-month period following the closing.

The proceeds will be used for exploration work on the company's properties in Quebec.