Vancouver (pcJ News Briefs) – Colorado Resources Ltd. (TSX-V: CXO) has closed its previously announced non-brokered private placement of 745,000 units at $0.32 per unit and 8,180,000 flow-through units at $0.42 per FT unit for aggregate gross proceeds of $3,674,000
Each unit consists of one common share and one-half of one non-transferable common share purchase warrant, with each warrant entitling the holder thereof to acquire an additional common share at an exercise price of $0.50 until September 17, 2019. Each FT unit consists of one flow-through common share and one-half of one non-transferable non-flow through (NFT) common share purchase warrant. Each NFT warrant entitles the holder thereof to purchase one additional common share at an exercise price of $0.50 per share until September 17, 2019.
Colorado Resources intends to expend the proceeds from the Flow-Through Units for exploration on the Company’s Canadian properties, and the proceeds from the Units will be for general working capital purposes.
Colorado Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and Nevada.
photo credit: Colorado Resources