Natan Resources (NRL.V) moved to bolster its war chest when the company announced yesterday that it had successfully converted 8,996,250 subscription receipts involved in the previously announced brokered private placement led by First Republic Capital Corporation.
According to the news release, the aforementioned subscription receipts were converted on a one-to-one basis into 8,996,250 units in the company.
The transaction is still subject to the satisfaction of the escrow release conditions that the company must receive all approvals of the TSX Venture Exchange to acquire the Montalembert property from Globex Mining Enterprises.
Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable for one common share of Natan at a rate of $0.30 for up to 24 months after closing.
Net proceeds from the transaction have already been released from escrow to the company. Natan intends to use the net proceeds from the offering for exploration and general corporate purposes.
In other news, Natan also announced that it had received results from phase 1 of its prospecting program on the Duval Property.
The data is currently being analyzed.
To give themselves the necessary time to properly assess the results, Natan has entered into an extension agreement with Critical Elements Corporation.
The extension outlines a deferral of Natan’s first year exploration expenditures on the Duval Property until August 31, 2017. Except as outlined by the extension agreement all other aspects of the option agreement remain unchanged.
FULL DISCLOSURE: Natan Resources is an EQUITY.GURU client.