Business
Salazar Announces Closing of $5 Million Financing
Salazar Announces Closing of $5 Million Financing
About this update from Salazar Resources Limited
[{"type":"text","content":"\n\n\n\n Sep. 10, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nVANCOUVER, Sept. 10 /CNW/ - Salazar Resources Ltd. ("Salazar" or the "Company) is pleased to announce the closing of its brokered private placement announced on August 18, 2010 with Canaccord Genuity Corp. (the "Agent") of 3,639,100 Units (the "Units") at a price of $1.10 per Unit for proceeds of $4,003,010. Each Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to subscribe for one additional common share of the Company for a period of two years from the date of closing at a price of $1.50 in the first year and $1.75 in the second year. The securities issued are subject to a 4 month hold period expiring in January 2011.\nIn addition, the Company completed a non-brokered private placement, where the Company issued 909,100 Units at a price of $1.10 per Unit for proceeds of $1,000,010.\nIn connection with the sale of the Units the company paid a cash commission equal to 7% of the gross proceeds and issued non-transferable share purchase warrants ("Broker's Warrants") equal to 7% of the total securities offered. Each Broker's Warrant will be exercisable to acquire one common share of the Company for a period of 24 months from the closing at $1.10. The Agent will also receive a corporate finance fee of 25,000 Units.\nThe use of proceeds raised from this issue will be used to fund continued exploration at the Company's assets and for general working capital purposes.\nFor more information please visit our website at: www.salazarresources.com\n\n\n >\n\n\nSalazar Resources Limited\n\nSalazar Resources Ltd. is a publicly-listed (TSX-V:SRL) mineral resource company engaged in the exploration and development of new highly prospective area...