Metanor Resources Inc. ('Metanor')
(TSX V: MTO) is pleased to announce the closing, on February 18, 2011 (the
'Closing Date') of a private placement with Industrial Alliance Securities
Inc. (the 'Agent') by issuing a total of 8,091,668 hard dollar units (the
'Hard Dollar Units') and 13,730,442 flow-through units ('the Flow-Through
Units') for aggregate gross proceeds of $7,095,850.
Each Flow-Through
Unit shall consist of one flow-through common share (a 'Flow-Through Share')
and one-half of one transferable non-flow-through common share purchase
warrant of Metarnor (a whole non-flow-through
common share purchase warrant, a 'Flow-Through Unit Warrant'). Each
Flow-Through Unit Warrant shall entitle the holder thereof to acquire one
common share in the capital of Metanor (a 'Warrant
Share') at a price of $0.40 per Warrant Share for a period of 12 months from
the Closing Date. Each Hard Dollar Unit shall consist of one non-flow-through
common share in the capital of the Corporation and one-half of one
non-flow-through transferable common share purchase warrant (a whole
non-flow-through transferable common share purchase warrant, a 'Hard Dollar
Unit Warrant'). Each Hard Dollar Unit Warrant shall entitle the holder
thereof to acquire one Warrant Share at a price of $0.40 per Warrant Share
for a period of 24 months from the Closing Date.
Metanor will: (i) use the gross proceeds from the
offering of the Flow-Through Shares comprised in the Flow-Through Units to
incur resource expenses on any of its properties before December 31, 2012;
and (ii) use the net proceeds from the offering of the Hard Dollar Units for
general working capital purposes.
In connection with
the private placement, Metanor paid the Agent a
cash commission equal to 7% of the gross proceeds raised.
All securities
issued are subject to a holding period of four months and one day from the
date of closing.
The Shares have not
been registered under the United States Securities Act of 1933 (the 'Act')
and may not be offered or sold absent of registration under the Act or an
applicable exemption from registration requirements thereof. This press
release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction or an exemption therefrom.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
For further
information please contact:
Serge Roy, Chairman and CEO
Tel: 819-825-8678
|