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Spruce Ridge Resources Ltd. announces completion of $4,500,000 private placement financing & announces further proposed private placement financing of up to $1,000,000
Spruce Ridge Resources Ltd. announces completion of $4,500,000 private placement financing & announces further proposed private placement financing of up to $1,000,000.
About this update from Homeland Nickel Inc
[{"type":"text","content":"\n\n\n\nNORFOLK COUNTY, ON, Dec. 5 /CNW/ - John A. Ryan, President of Spruce\nRidge Resources Ltd. (TSXV: SHL), is pleased to announce completion of a\nprivate placement in the amount of $4,500,000 as announced on November 8,\n2006.\n\n\nThe private placement consisted of the sale of 5,625,000 Units at a price\nof $0.80 per Unit for gross proceeds of $4,500,000. Each Unit consisted of one\ncommon share and one-half of one common share purchase warrant. Each whole\nwarrant entitles the holder to acquire one additional common share of the\nCompany at $1.20 for a period of two years from the date of closing (the\n\"Warrant Term\"). If during the Warrant Term the Common Shares of the Company\ntrade at or above Can. $1.50 for a period of 20 consecutive trading days, the\nCompany may notify the warrant holder to exercise the warrants at a date no\nlater than 30 calendar days after this notification date or forfeit any\nunexercised warrants at that time. All securities issued in conjunction with\nthe offering are subject to a four-month hold period, which expires on April\n5, 2007. In conjunction with this financing, cash finders' fees totaling\n$360,000 (9.0% on $4,000,000 of the gross proceeds) were paid, and\ncompensation warrants were issued to acquire a total of 500,000 common shares\n(10% of 5,000,000 of the Units sold) on the same terms as the common share\npurchase warrants which form part of the Units.\n\n\nProceeds of the financing will be used for exploration on the North Brook\nuranium property in the Deer Lake Basin, Newfoundland, and for general working\ncapital purposes.\n\n\nSpruce Ridge announces a further proposed non-brokered financing of up to\n1,041,667 Units at a price of $0.96 per Unit for gross proceeds of $1,000,000\nsubject to regulatory approval. Each Unit will consist of one common share and\none-half of one common share purchase warrant. Each whole warrant will entitle\nthe holder to acquire one additional common share of the Company at $1.20 for\na period of two years from the date of closing (the \"Warrant Term\"). If during\nthe Warrant Term the Common Shares of the Company trade at or above Can. $1.50\nfor a period of 20 consecutive trading days, the Company may notify the\nwarrant holder to exercise the warrants at a date no later than 30 calendar\ndays after this notification date or forfeit any unexe...