Exeter Resource Corporation said that it has entered into an agreement with a syndicate of underwriters to sell an aggregate of 10,500,000 common shares of the Company at a price of Cdn.$2.40 for gross proceeds of Cdn.$25,200,000 on a bought deal basis in Canada and a concurrent private placement in the United States to institutional accredited investors. The Company will grant the underwriters an option to purchase up to an additional 1,575,000 Common Shares at a price of Cdn.$2.40 per Common Share to cover over-allotments. The Over-Allotment Option shall be exercisable by the Underwriters, in whole or in part, any time up to 30 days following the closing of the Offering.
The Company intends to use the net proceeds of the Offering for exploration and development of the Company’s properties in Argentina and Chile and for general corporate purposes.
The Offering is expected to close on or about February 26, 2009.