December 7, 2009 (FinancialWire) — Exeter Resource Corp. (AMEX: XRA) (TSX: XRC) said the syndicate of underwriters in its equity financing that closed on November 26, 2009 has exercised the over-allotment option granted to them and acquired an additional 1,282,500 common shares of the company for gross proceeds to the company of $7,502,625.

The exercise brings the aggregate gross proceeds of the equity financing to $57,520,125.

The syndicate received a cash fee equal to 5% of the gross proceeds raised and compensation options equal to 3% of the number of Shares sold by the syndicate. Each compensation option is exercisable to purchase one Share at price of CDN$6.00 until November 26, 2010.

Exeter plans to use the net proceeds of the offering for exploration and development of its properties in Argentina and Chile and for general corporate purposes.

Canada-based Exeter Resource is a Canadian mineral exploration company focused on the discovery and development of gold and silver properties in South America.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.