May 30, 2013 Metanor TSX.V-MTO announced completion of the first tranche of $646,015 in the private placement offering of a maximum amount of $1.5-million.
The offering consists of flow-through common shares priced at 10 cents each. In connection with this closing, 6,460,150 shares were issued and such shares are subject to a four-month-and-one-day hold period. A second closing is expected to take place the week of June 10, 2013.
The net proceeds will be used for exploration work on Metanor’s Quebec properties.
In connection with the private placement, Metanor paid a cash finder’s fee of 8.5 per cent to Marquest Capital Markets and Casimir Capital Ltd.