Cap-Ex Iron Ore Ltd. (TSXV:CEV) announced that it will reprice the units of its previously announced private placement. The Units were originally priced at $0.15 but will now be offered for $0.10. The Company will use the net proceeds to advance its Block 103 project.
As quoted in the press release:
Cap-Ex (“the Unit”) as previously announced on March 22nd, 2013 to $0.10 per Unit, subject to the approval of the TSX Venture Exchange (“TSXV”). The maximum of $5,000,000 has been reduced to $3,000,000. Each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.20 for a period of 24 months from the date of issue. Insiders will subscribe up to a maximum amount of $1.3 million.