First Narrows bumps up unit price on financing
2007-01-24 19:38 ET - News Release
Shares issued 37,838,253
UNO Close 2007-01-24 C$ 0.92
Mr. Peter Gummer reports
FIRST NARROWS RESOURCES ANNOUNCES AMENDMENT TO PRIVATE PLACEMENT
The terms of First Narrows Resources Corp.'s brokered private placement announced in Stockwatch on Jan. 17, 2007, have been amended. Under the amended terms of the offering, Pacific International Securities Inc. will place up to 4,687,500 common share units of the company to raise up to $1,640,625.
Each unit will be offered at a price of 35 cents and will consist of one common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of 47 cents per common share for a period of 18 months following the close of the offering.
Upon closing of the offering, the agent will receive a cash commission of 7 per cent of the gross proceeds raised payable either in cash or, either in whole or in part, in units of the company on the same terms as the units of the offering. In addition, the agent will receive compensation options equal to 10 per cent of the total number of units placed in the offering. Each compensation option will entitle the agent to purchase one common share at a price of 47 cents for a period of 18 months following the close of the offering.
Proceeds arising from the sale of the units will be used to finance exploration programs on the company's Chester project located near Bathurst, N.B., and on its Susana D'oro project located near Sonora, Mexico, and for general corporate purposes.
The offering is subject to TSX Venture Exchange approval. All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation. |
