Metanor Resources Inc. said April 4 that it will undertake a private placement of up to 142,857,142 units at 7 Canadian cents apiece to raise C$10 million.
As part of the offering, Kirkland Lake Gold Ltd. will acquire up to 103,571,429 units for approximately C$7.3 million in proceeds.
Each unit will comprise 1 common share and 0.5 of a common share purchase warrant, with each whole warrant exercisable at 9 cents per share for 24 months from closing.
Additionally, private investment funds managed by Wexford Capital LP will subscribe for 18,750,000 units for proceeds of over C$1.3 million. Wexford will hold 14.2% of the issued and outstanding shares on a nondiluted basis and 19.9% on a partially diluted basis upon completion of the offering.