- ArcPacific Resources (ACP) has closed its non-brokered private placement of 15,000,000 units
- The private placement was over-subscribed by an additional 2,000,000 units, with a total of 17,000,000 units issued
- Each unit was issued at $0.10 per unit, with gross proceeds of $1,700,000
- The company intends to use the funds for exploration expenditures on the TL Nickel Project
- ArcPacific Resources is a Canadian-based exploration company
- ArcPacific Resources (ACP) last traded at $0.16 per share
ArcPacific Resources (ACP) has closed its non-brokered private placement of 15,000,000 units.
The private placement was over-subscribed by an additional 2,000,000 units, with a total of 17,000,000 units issued.
Each unit was issued at the price of $0.10 per unit, with $1,700,000 raised as gross proceeds.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one additional share at a price of $0.20 per share for a period of thirty-six months from the date of issuance.
All securities issued are subject to a four-months-and-one-day hold period in accordance with Canadian securities laws and the policies of the TSXV.
Certain insiders of the company participated in the offering for an aggregate total of $40,000.
The company intends to use the gross proceeds to fund exploration expenditures on the TL Nickel Project, claim maintenance on other properties, to clean up the company’s balance sheet and for general working capital.
ArcPacific Resources is a Canadian-based exploration company which owns a 100-per-cent interest in the LMSL Copper Gold & Silver Project in British Columbia, Canada, in the prolific Quesnel Trough, which is world-renowned for its copper and gold endowment and other properties.
ArcPacific Resources (ACP) last traded at $0.16 per share.