By Devika Patel
Knoxville, Tenn., May 23 - South Boulder Mines Ltd. said it will raise A$1.98 million in a private placement of shares.
The company plans to sell 6.4 million shares at A$0.31 each.
The deal will be conducted in two tranches, with the first tranche consisting of 4.3 million shares for about A$1.33 million. The second tranche will be subject to shareholder approval and consists of 2.1 million shares for A$651,000.
Both tranches have a one-for-two attaching option, exercisable at A$0.50 for two years.
Proceeds will be used for exploration for potash and phosphorous "fertilizer" minerals and advancement of the company's Duketon Project.
Based in West Perth, Australia, South Boulder Mines is a mineral exploration company.
| Issuer: | South Boulder Mines Ltd.
|
| Issue: | Stock
|
| Amount: | A$1,984,000
|
| Shares: | 6.4 million
|
| Price: | A$0.31
|
| Options: | One for two
|
| Option expiration: | Two years
|
| Option strike price: | A$0.50
|
| Pricing date: | May 23
|
| Stock symbol: | Australia: STB
|
| Stock price: | A$0.30 at close May 23
|
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