March Resources Closes Private Placement
March Resources reports that the private placement previously announced on June 27, 2007 has closed. A total of 30,000,000 units of the Corporation at a price of $0.60 per Unit were issued. Each Unit will consist of one common share of March ("Common Share") and one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at any time for a period of 12 months following the closing date at a price of $0.90 per Common Share. The placement closed for total gross proceeds of $18,000,000. A cash commission of 6% was paid to eligible participants on the proceeds, the commission totaled $889,860. The private placement and related matters are subject to final TSX Venture Exchange acceptance. The securities issued pursuant to the private placement are subject to a four month hold period.
Insiders of March have subscribed for 250,000 Units of the private placement.
After giving effect to the private placement, March has 60,525,333 common shares issued and outstanding.
The Corporation is pleased to announce that the operations in relation to the spudding of the first well on our Pica North Block in Northern Chile have begun. The construction of roadways and drill sites is under way and the mobilization of equipment from Canada is underway and that it is anticipated that the initial well will spud on or around October 1, 2007.
Concurrent with the closing of the financing, the Corporation has also approved the grant of 1,225,000 stock options to directors, officers and consultants of the Corporation. The options will be granted at an exercise price of $0.75 per Common Share and expire on July 26, 2012. The options will vest over the next twelve months. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options and insider participation in the private placement.
- March Reports Pica #2 P&A, Moves Forward with Challacolla #1 (May 27)
- Sweet Sixteen: March Perforates 16 Intervals, Evals to Come (Apr 30)
- March Spuds Pica 2 Well (Apr 14)