Mr. Minaz Devji reports
NORRA METALS ANNOUNCES PRIVATE PLACEMENT
Norra Metals Corp. has arranged a non-brokered private placement offering of up to 25 million units at a price of five cents per unit for gross proceeds of up to $1.25-million. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents for two years following the closing of the private placement. In the event the private placement is oversubscribed, the company will make provisions for an overallotment option to allow the company to increase the size of the private placement by up to 10 per cent and issue an additional 2.5 million units for additional gross proceeds of $125,000.
The company intends to use the net proceeds of the private placement for working capital. The issuance of the units is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a six-month hold period.
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