Proceeds of offering will be used to explore the Silver Queen property
By Devika Patel
Knoxville, Tenn., Nov. 9 - New Nadina Explorations Ltd. raised C$1 million in a non-brokered private placement of units, according to a press release from the placement investor, Intrepid Mines Ltd. Following the placement, Intrepid controls 12.6% of the company's outstanding.
The company sold 10 million units of one common share and a half-share warrant at C$0.10 per unit.
Each whole warrant is exercisable at C$0.15 for two years. The strike price is a 114.29% premium to the Nov. 8 closing share price of C$0.07.
Proceeds will be used principally to explore the Silver Queen property near Houston, B.C.
Based in Greenwood, B.C., New Nadina explores for silver and diamonds.
| Issuer: | New Nadina Explorations Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
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| Investor: | Intrepid Mines Ltd.
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| Settlement date: | Nov. 9
|
| Stock symbol: | TSX Venture: NNA
|
| Stock price: | C$0.07 at close Nov. 8
|
| Market capitalization: | C$5.17 million
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