Finance & Investing | Capital Markets
Contact Exploration Initiates $1.5MM Private Placement
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Contact Exploration Inc. is carrying out a non-brokered private placement of common shares in the capital of the Company, to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). Contact expects to issue a minimum of 6,250,000 Flow-Through Shares in the Private Placement, at a price of $0.24 per share, for minimum aggregate gross proceeds of $1,500,000.
Contact expects to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31 , 2013. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers effective December 31, 2012.
The Flow-Through Shares to be issued pursuant to the Private Placement will be subject to a four-month hold period from…
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