Guerrero Announces Final Closing of Financing
VANCOUVER, BRITISH COLUMBIA, Dec 16, 2011 (MARKETWIRE via COMTEX) — Guerrero Exploration Inc. (“Guerrero” or the “Corporation”) (tsx venture:GEX) announces that it has completed the last closing of its previously announced private placement financing. The Corporation issued 1,669,166 units ($250,375) for a total raise of 6,456,997 ($968,550) units at $0.15 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for 12 months from closing at an exercise price of $0.30 per common share, subject to acceleration in the event the Corporation disseminates a press release advising that its shares have traded on the TSX Venture Exchange at a price per share greater than $0.60 for 10 consecutive trading days (including days where no shares are actually traded), in which case the warrants shall expire, without further notice, on the 31st day following the issuance of the press release. Notwithstanding the foregoing, in no event shall the Corporation be entitled to issue such a press release within four months of the date of closing. The Corporation plans to use the proceeds from this financing for general working capital and exploration. Guerrero paid finders’ fees in respect to this closing of $18,250 and issued 120,867 finders’ warrants, each of which will entitle the holder to subscribe for one additional unit at the issue price for a period of one year from closing.
