Mr. Adrian Hobkirk reports
CODRINGTON CLOSES PRIVATE PLACEMENTS
Codrington Resource Corp. has completed the final tranche of a non-brokered private placement that was announced on April 9, 2015, raising gross proceeds of $75,000 by the issuance of 1.5 million units at a price of five cents per unit. Each unit consists of one common share and one transferable common share purchase warrant, with each warrant exercisable for a period of three years from closing at a price of eight cents per share.
The total amount of the initial private placement proceeds, including the first tranche that closed on April 27, 2015, is $250,000, representing a total issuance of five million units.
The company paid a finder's fee of 10 per cent in cash and 10 per cent in non-transferable finders' warrants on the gross proceeds of the initial private placement. Each finder's warrant will entitle the finder to purchase one common share of the company at a price of eight cents per share for a period of three years from closing.
The company also announces that it has completed the first tranche of a new non-brokered private placement that was announced on May 20, 2015, raising gross proceeds of $89,000 by the issuance of 1.78 million units at a price of five cents per unit. Each unit consists of one common share and one transferable common share purchase warrant, with each warrant exercisable for a period of three years from closing at a price of eight cents per share.
All securities issued pursuant to the private placements are subject to a four-month hold period as required under applicable securities laws.
The private placement proceeds will be used to complete initial exploration work at the Lac Aux Bouleaux graphite project and for general working capital.
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