Metanor Resources Inc. (TSX-V: MTO) has closed their private placement with Laurentian Bank Securities Inc. The company had issued a total of 3,370,000 units a price of $0.50 per unit and 9,227,227 flow through units a price of $0.58 per flow through unit. The total gross proceeds of the private placement were $7,036,791.66. The securities that were issued are subject to a four month hold. The company plans on utilizing the net proceeds to increase and upgrade their mineral resources on the Barry property, advance development at Bachelor properties, and for general corporate purposes.
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Each unit contains one common share and one half of a common share purchase warrant. Each flow through unit contains one common share to be issued as a flow through common share and one half of a common share purchase warrant. A whole common share purchase warrant enables its holder to subscribe for one common share of Metanor at a price of$0.65 per share to go through December 12, 2011.
Metanor Resources Inc. (Metanor) is a Canada-based company engaged in the exploration and development of mining properties. The Company’s properties include Bachelor Lake Property, Hewfran Property, Barry Property, Nelligan Property, Opinaca Property, Wahnapitei Property, Dubuisson Property and Vassan Property.
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