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Probe Metals to raise C$5.3M through private placement

Probe MetalsInc. said July 7 that it is planning a private placement of up to 3.5million flow-through units at C$1.50 per unit for an aggregate of up to C$5.3million.

The company plans to issue the units through MacquarieCapital Markets Canada Ltd. and Medalist Capital Ltd. on behalf of a syndicateof agents.

Each unit consists of 1 common share and 0.5 of a commonshare purchase warrant. The warrant entitles the holder to purchase 1 commonshare for C$1.75 per share for a period of 18 months.

The company plans to use the gross proceeds to fund Canadianexploration expenses. The transaction is expected to close on or about Aug. 11.