Geomega Resources Inc. (TSXV:GMA) closed the first tranche of its brokered private placement with Industrial Alliance Securities Inc. The financing consists of 2,037,333 units at a subscription price of $0.60 per Unit and 1,450,000 flow-through shares, at a price of $0.70 per Flow-Through Share for gross proceeds of $2,237,400.

As quoted in the press release:

Each Unit consists of one common share (a “Common Share”) and one-half of one share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one additional common share at a price of $0.90 per share for a period of 18 months from March 19, 2014 (the “Closing Date”).

IAS exercised its 15% over-allotment option in full. The Company expects to close a final tranche of the Private Placement around March 27, 2014. Including the first and final tranches, the total gross proceeds of the Private Placement will be $3,315,000.

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