Canadian News
Vault Minerals Closes Private Placement - Quick Facts
11/26/2009 2:50 PM ET
(RTTNews) -
Vault minerals Inc. (VMI.V: News ) announced that it has closed its non-brokered private placement and has raised aggregate gross proceeds of C$550 thousand. In connection with the offering, the company issued: (i) 1,000,000 common shares which qualify as "flow-through" shares pursuant to the Income Tax Act (Canada) ("FT Shares") at a price of C$0.30 per FT Share; and (ii) 1,000,000 units ("Units") at a price of C$0.25 per Unit.
Each Unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share of Vault at an exercise price of C$0.35 per share under certain conditions.
The net proceeds will be used to explore the company's Kirkland Lake gold properties and for general working capital purposes.
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by RTT Staff Writer
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