Quia Resources Sinking after Expanding Size, Dropping Price of Upcoming Equity Offering
Quia Resources Inc. (QIA.V) is down 0.5 cents at 11 cents a share, giving back an earlier 2.5-cent gain after disclosing it is dropping the price and expanding the size of its non-brokered private placement of equity units.
The gold exploration company now intends to sell as many as 23.3 million equity units priced at 15 cents each and raising as much as $3.5 million in gross proceeds. Quia late last month said it planned to sell 15 million units priced at 20 cents each; proceeds will be used to fund exploration at the company's San Lucas property in Colombia as well as pursue possible acquisitions.
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