Non-brokered offering proceeds slated to fund Ajax copper-gold project
By Devika Patel
Knoxville, Tenn., March 15 - Abacus Mining & Exploration Corp. said it completed a C$3.18 million non-brokered private placement of units. The deal priced for C$2.5 million on Feb. 15 and was increased to about C$3 million on March 2.
The company sold units of one common share and one half-share warrant at C$0.22 per unit.
Each whole warrant will be exercisable at C$0.32 until March 14, 2013. The strike price represents a 33.3% premium to C$0.24, the Feb. 15 closing share price.
Proceeds will be used to advance the company's interest in the Ajax copper-gold project near Kamloops, B.C., as well as for general corporate and working capital purposes.
Based in Vancouver, B.C., Abacus is a copper and gold exploration company.
Issuer: | Abacus Mining & Exploration Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$3,178,300
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Units: | 14,446,818
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Price: | C$0.22
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Warrants: | One half-share warrant per unit
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Warrant expiration: | March 14, 2013
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Warrant strike price: | C$0.32
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Agent: | Non-brokered
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Pricing date: | Feb. 15
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Upsized: | March 2
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Settlement date: | March 15
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Stock price: | TSX Venture: AME
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Stock price: | C$0.24 at close Feb. 15
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Market capitalization: | C$45.37 million
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