By Devika Patel
Knoxville, Tenn., Aug. 14 - Far West Mining Ltd. said it has completed a C$10 million private placement of units. The deal priced for C$11.03 million on July 28.
The company sold 3,175,000 units at C$3.15 each to The Pacific Road Resources Funds. It had planned to sell 3.5 million units, with 3,175,000 units going to The Pacific Road Resources Funds, and the remainder being sold to another investor.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$4.25 for one year.
The warrants may expire sooner if Far West's common shares close higher than C$5.25 for 20 consecutive trading days. In that case, the warrants will expire on the 30th day after the company notifies holders.
Proceeds will be used for development of the company's Santo Domingo Property in Chile and for exploration and for working capital.
Vancouver, B.C.-based Far West is a mineral exploration company primarily engaged in the evaluation, acquisition and exploration of mineral properties in Chile, Argentina and Australia.
| Issuer: | Far West Mining Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10,001,250
|
| Units: | 3,175,000
|
| Price: | C$3.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$4.25
|
| Investor: | The Pacific Road Resources Funds
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 14
|
| Stock symbol: | Toronto: FWM
|
| Stock price: | C$3.15 at close July 25
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
