Tigray Resources Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Tigray Resources Inc Closes $2 Million Non-Brokered Private Placement
Tigray Resources Inc announced that it has closed the previously announced non-brokered private placement financing of 10 million units (the units) at a price of $0.20 per unit, for gross proceeds of $2 million (the "offering"). Each unit comprises one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant allows the holder to purchase one common share of the Company at an exercise price of $0.40 for a period of two years from the date of closing, subject to acceleration as described below. Proceeds from the offering will be used for exploration on the Company's Harvest project and other exploration properties in Ethiopia, as well as for working capital purposes. The common shares and warrants comprising the units, as well as any common shares issuable upon exercise of the warrants, will be subject to a hold period of four months plus one day from the date of closing. If at any time after after the date that is four months after the date of issuance of the warrants, the Company's common shares have a closing price on the TSX Venture Exchange (TSX-V) (or such other exchange on which the common shares may be traded at such time) greater than $0.50 per share for a period of 10 consecutive days, the Company will be entitled to accelerate the expiry date of the warrants upon 20 days' notice given by news release, and the warrants will then expire on the 20th day after the date of such notice.
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