- Comstock Metals proposes 5 to 1 share consolidation and non-brokered private placement
- 3,000,000 priced at CAD$0.10 per unit with gross proceed of CAD$300,000
- The warrants are exercisable for a 36-month period
- Shares were trading at CAD$0.02
Comstock Metals has informed the market it is proposing a 5 to 1 share consolidation and a non-brokered private placement, with the company’s directors seeking to raise working capital for future business purposes.
3,000,000 units are priced at CAD$0.10 per unit and for gross proceeds of CAD$300,000 and are made up of one common share and one common share purchase warrant.
The warrants are exercisable for a 36-month period from closing at a post-consolidated exercised price of CAD$0.12 for the first 12 months following closing, and a post-consolidated exercise price of $0.15 for the final 24 moths of their term.
The company also said that due to the current common share price consolidation is required under TSXV policies, and will be effective once regulatory approvals have been made.
At the time of writing Comstock Metals shares were trading at CAD$0.02. It has a market capitalization of CAD$1.8 million.