CR Capital Corp (TSXV: CIT) announced after the bell last night that it has closed its second and final tranche of its non-brokered private placement, raising cumulative gross proceeds of $1.0 million. The final tranche consisted of total gross proceeds of $185,200.
The second tranche contained a combination of flow through units and hard dollar units. A total of 1.5 million flow through units were issued in the tranche, at a price of $0.10 per unit, with each unit consisting of one common share and one half common share purchase warrant exercisable at $0.125 per warrant for a period of 18 months. A total of 5.0 million flow through units were sold in the offering cumulatively.
An additional 440,000 hard dollar units of the company were sold in the second tranche, bringing the financing’s total figure to 6.25 million. Each hard dollar unit, priced at $0.08, consists of one common share and one common share purchase warrant. Each warrant is exercisable at a price of $0.10 per warrant for a period of 18 months following the close of the financing.
Proceeds from the sale of flow through units will be used for Canadian exploration expenses and qualify as flow through mining expenditures. Meanwhile, proceeds from hard dollar units will be used for a combination of exploration and general working capital purposes.
CR Capital last traded at $0.22 on the TSX Venture.
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