Metanor Resources closes $8.85M financing led by Kirkland Lake Gold

Val-D’or, QC (pcJ News Briefs) – Metanor Resources Inc. (TSX-V: MTO) has completed previously proposed up to $10 million private placement, issuing 12,642,143 units at a price of $0.70 each for gross proceeds of $8,849,500.

Each unit consisting in one common share and one-half of one common share purchase warrant, where each full warrant entitles the holder to purchase one common share at a price of $0.90 until April 21, 2019.

Kirkland Lake Gold Ltd. acquired 10,357,143 units for gross proceeds of $7,250,000. Kirkland Lake Gold now owns or controls 10,357,143 common shares and 5,178,572 Warrants, representing approximately 13.7% of the outstanding common shares and 19.3% of the outstanding common shares on a partially diluted basis.

Funds managed by Wexford Capital LP subscribed 937,500 units for gross proceeds of $656,250. Wexford now owns or controls 14.2% of the outstanding common shares and 19.9% on a partially diluted basis.

photo credit: Metanor Resources