Quia Resources (CVE:QIA) raised its previously announced private placement by $500,000 on Friday, bringing the total value of the financing up to $3.5 million.
The gold exploration company said it will now issue about 23.33 million units at $0.15 per share. Each unit consists of one common Quia share and one half of a common share purchase warrant.
Each full warrant entitles the holder to acquire one common share of the company for $0.30 for a period of two years from the closing date. The warrants are subject to an acceleration right at the option of the company, Quia said.
Late last month, Quia had announced its original private placement financing plans, where it intended to issue only 15 million units at $0.20 each, for total proceeds of $3.0 million.
The private placement is expected to close on or around January 6, 2012.
The proceeds of the offering will be used to fund exploration at the company's San Lucas property in Colombia, to pursue acquisitions and for general working capital purposes.
A finder's fee and finder's warrants will also be distributed in connection with the financing.
Quia Resources is a gold exploration company focused in Colombia. The San Lucas gold belt is among the least explored and most prospective gold belts in Colombia.
In October, the company announced initial drill results from the first seven holes ever drilled, in the Guamoco district of the San Lucas gold belt.
The seven holes were drilled at the La Colina and La Rueda anomalies and are part of an ongoing larger 5,000 metre program designed to develop a better understanding of the geology and mineralization in the district, as well as to develop a deposit model for the respective anomalies.
Highlights included hole SL1101, which intersected 7.6 metres of 0.34 grams per tonne (g/t) of gold, and hole SL1104, which returned 3.25 metres of 0.33 g/t gold, 4.15 metres of 0.37 g/t gold and 5.50 metres of 0.32 g/t gold.
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