CALGARY, Dec. 21 /CNW/ - Softrock Minerals Ltd ("Softrock" or the "Company") is pleased to announce that it has closed the first tranche of a private placement consisting of 2,380,000 units ("Units") of the company at a price of $0.05 per unit, and 125,000 flow-through shares at $0.08 per share for aggregate gross proceeds of $129,000. Each unit is comprised of one common share (a Common Share) and one-half a warrant (a Warrant) to purchase a Common Share for a period of two years from the date of issuance, exercisable at $0.10 per share, subject to the company's right to force exercising if the common shares trade at a weighted average price exceeding $0.20 per share for 30 consecutive days.
The company paid finders fees of $13,000 and 18,000 broker warrants.
The securities issued are subject to a four month hold period from date of issuance, and as well, completion of this first tranche of the private placement is subject to the final acceptance of the TSX Venture Exchange.
The proceeds of the financing will be used for advancing the Company's exploration and development of heavy oil, lithium, potash and natural gas in western Canada and Quebec.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for he adequacy or accuracy of this release
SOURCE Softrock Minerals Ltd.
For further information: For further information: Hon. Nick Taylor, CEO, at (403) 266-2605