NQ Exploration closes $2.0m private placement financing
Quebec-based junior NQ Exploration (CVE:NQE) said Monday it has closed a $2.08 million brokered private placement financing with Industrial Alliance Securities.
Under the terms of the offering, NQ issued a total of 3.6 million flow-through shares at a price of $0.16 per flow through share, and 12.5 million units at a price of $0.12 per unit.
Each unit consists of one common share and one warrant, with each warrant entitling the holder to purchase one common share of NQ at a price of $0.16 per share for a period of two years from closing.
The warrants will be subject to an acceleration provision should NQ's shares trade above a certain level for a period of 20 straight trading days, the company said.
The new funds will be used to conduct exploration programs in 2011 and for general working capital. The company has a portfolio of 10 gold and base metal properties in the James Bay and Abitibi regions of Quebec.
NQ paid the agent a cash commission of 8.5% of the gross proceeds, as well as issued broker warrants.
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