Replies to post #507 on Metanor Resources Inc. (fka MEAOF)

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Metanor closes $2.66-million first tranche of financing


2015-11-06 16:31 ET - News Release


Mr. Ronald Perry reports

METANOR RESOURCES INC.: CLOSING OF FIRST TRANCHE IN PRIVATE PLACEMENT: $2,664,800

Metanor Resources Inc. has completed a first tranche of $2,664,800 in a brokered private placement and has issued: i) 29.68 million units priced at five cents each, which consist of one common share and one common share purchase warrant having an exercise price of 6.5 cents and a term of 36 months, for proceeds of $1,484,000; and (ii) 19.68 million flow-through units priced at six cents each, which consist of one flow-through common share and one-half of one common share purchase warrant having an exercise price of 6.5 cents and a term of 36 months, for proceeds of $1,180,800. The proceeds of the offering will be used for exploration work on Metanor's Quebec properties, namely the South zone near Bachelor which has been actively drilled from the surface over the past few weeks and has shown positive results, and general working capital. Please refer to press releases issued Oct. 27 and Oct. 29, 2015.

In connection with the private placement, the agent received a cash fee equal to 6 per cent of the gross proceeds raised and will receive non-transferable broker warrants in a quantity equal to 6 per cent of the gross proceeds raised. Each broker warrant is valid for 36 months and has an exercise price of 5.5 cents.

All securities issued will be subject to a four-month hold period, and this transaction remain subject to the approval of the TSX Venture Exchange.

We seek Safe Harbor.

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