Excalibur Resources (XBR.C) announced they arranged a private placement consisting of 5M shares issued at a price of C$0.30/share to raise C$1.5M.
We consider this to be an excellent deal as the company is raising cash at a very high share price without giving warrants as a sweetener. The additional C$1.5M will strengthen the company’s working capital as they are transforming from a developer to a producer. We expect to hear an update regarding the production very soon.
Disclosure: The author holds a long position in Excalibur Resources Ltd. Please see our disclaimer for current positions.
