Toronto-based junior Exall Resources (TSE) is issuing a private placement of 3.32 million special warrants at $1.50 each to raise a total of $4,980,000.
Each special warrant will entitle the holder to acquire one common share of Exall and one common share purchase warrant. Two purchase warrants can be redeemed for one Exall share at a price of $1.70, if exercised on or before March 21, 1994, or $1.95 after that date (but before March 20, 1995). The purchase warrants are non-transferable and are redeemable by Exall after Nov. 20, 1993, at a price of one cent each, if the closing price of Exall’s common shares on the TSE exceed $2.49 for 20 consecutive trading days. The company has 11.5 million shares outstanding, fully diluted. Most of the money raised will fund option payments and exploration and development costs relating to the Santo Tomas, La Verde Grande and San Martin copper-gold projects as well as the Rio Yaqui gold project, all of which are in Mexico. A portion of the net proceeds will be used to develop Exall’s Mazaruni diamond/gold project in Guyana.
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