On March 26, 2008, Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC, Frankfurt:EXB) announced the closing of a private placement of 7,780,000 special warrants at a price of $4.50 per special warrant to raise gross proceeds of $35,010,000. Each special warrant is exercisable to acquire, for no additional consideration, one common share of Exeter. On May 6, 2008, Exeter obtained a receipt for a short form prospectus in certain provinces of Canada qualifying the distribution of the common shares.
Exeter will primarily use the proceeds from the offering to fund further exploration on its Cerro Moro gold-silver project in Santa Cruz Province, Argentina and its Caspiche gold-copper porphyry project in Chile.
Susan E. McLeod and Steven Saville advised Exeter in this transaction.