Its final prospectus approved, Exall Resources plans to issue 3.7 million units (without additional payment) upon the exercise of 3.7 million special warrants issued on March 18, 1993.
Each unit consists of one Exall common share and one share purchase warrant. Two purchase warrants can be exchanged for one common share at $1.70 if exercised prior to March 21, 1994, or $1.95 if exercised before March 21, 1995.
The purchase warrants are redeemable by the company at 1 cents each, any time after Nov. 20, 1993, provided the closing price of the common shares has exceeded $2.49 for 20 consecutive trading days after that date. As a result of this issue, Exall now has 11.9 million shares. Proceeds of the March issue total $5.6 million. They are being used to advance the Santo Tomas copper-gold porphyry project in Mexico and to bring two other projects into production: the Rio Yaqui gold project in Mexico and the Mazaruni diamond-gold project in Guyana.
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