Wednesday, August 18, 2010

Salazar (SRL.v) Finances

Shocked, ah wuz shocked ah say! Just a day after Salazar Resources (SRL.v) announced some sparkling drill numbers (that headline hole is around U$1,030 per tonne metal value at today's prices), the Can of Corn gets its pound of flesh:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2010) - Salazar Resources Ltd. ("Salazar") (TSX VENTURE:SRL - News; FRANKFURT:CCG - News) is pleased to announce a brokered private placement (the "Brokered Offering") with Canaccord Genuity Corp. ("Canaccord" or the "Agent") of 2,730,000 Units (the "Units") priced at $1.10 per Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to subscribe for one additional common share (a "Warrant Share") for a period of two years from the date of closing at a price of $ 1.50 in the first year and $1.75 in the second year. Salazar will also be undertaking a non-brokered financing of 1,818,200 units on the same terms as the Brokered Offering.

As consideration for acting as Agent, Canaccord will be paid a cash and Agent's warrant ("Agent's Warrants") commission based on yada yada continues here
And thus a $10 bet is won, as this humble scribe wagered a friend this morning (who will remain nameless to save further embarrassment) that SRL would run a financing before the week was out. Smart guy that Fredy Salazar.

So it goes.