KUALA LUMPUR, Feb 19 (Bernama) -- Komet Resources Inc has announced the closing of its second tranche of a non-brokered private placement with accredited investors by issuing 3.36 million units at a price of US$0.30 per unit.
The total gross proceeds to the company is US$993,428, whereby each unit consists of one common share and one-half common share purchase warrant.
"Each warrant entitles the holder to purchase one additional common share of the corporation at a price of US$0.36 for 12 months from the closing date of the private placement.
"From the amount, 30,000 common shares and 15,000 warrants were issued to a director of the issuer.
"Komet has paid a finder's fee amounting to US$70,496 and issued 238,720 finder's warrants," it said in a statement.
The securities issued under the private placement will be subject to a four-month hold period from the closing date.
Komet will use the private placement proceeds to accelerate exploration of its properties in Burkina Faso and Mali.
As a result of the private placement, 71.17 million common shares of the company are issued and outstanding.
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