- Spey Resources Corp. (SPEY) has announced a non-brokered private placement for proceeds of up to $2.75 million
- The company will issue up to 15.7 million units for $0.175 per unit
- The proceeds will go towards funding exploration drilling and a five-hole drill program, property payments, and general working capital
- Spey will also issue 2.5 million shares to settle outstanding indebtedness
- Spey Resources Corp. (SPEY) is down 2.70 per cent and is trading at $0.18 per share as of 11:13 a.m. ET
Spey Resources Corp. (SPEY) has announced a non-brokered private placement for proceeds of up to $2.75 million.
The company will issue up to 15.7 million units for $0.175 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole purchase warrant entitles the holder to acquire an additional share at $0.35 per warrant share for two years.
Net proceeds raised will be used for funding exploration drilling and a five-hole drill program, property payments, and general working capital.
The company also intends to issue approximately 2.5 million shares to various creditors to settle outstanding indebtedness.
Spey is a Canadian mineral exploration company which holds two option agreements to acquire a 100 per cent interest in the Candela II and Pocitos II lithium brine projects and a 20 per cent interest in the Pocitos I lithium project, all of which are in Argentina.
Spey also holds an option to acquire a 100 per cent interest in the Silver Basin Project located and an option to acquire the Kaslo Silver Project, both of which are in British Columbia.
Spey Resources Corp. (SPEY) is down 2.70 per cent and is trading at $0.18 per share as of 11:13 a.m. ET.