By Laura Lutz
Des Moines, Sept. 20 - Ireland Inc. raised $2.53 million from the third tranche of a $13 million private placement of units, according to an 8-K filing with the Securities and Exchange Commission.
This tranche brings the proceeds so far to $9.93 million.
The company also said in the 8-K that it amended the warrants that have been issued in the placement, extending their term to two years from one year.
The placement, which priced on April 25, includes a U.S.-directed offering of 10 million units at $0.65 each and a foreign offering of 10 million units at the same price.
Each unit consists of one share and one half-share warrant. Each whole warrant is exercisable at $1.00 for two years.
The third tranche included 1,895,000 units in the foreign offering and 2,000,000 units in the U.S. offering.
The second tranche closed on July 20 and raised $4.62 million. It included 3,150,000 units in the foreign offering and 3,962,000 units in the U.S. offering.
The first tranche closed on June 20 and raised $2.77 million. It included 2,016,000 units in the foreign offering and 2,250,000 units in the U.S. offering.
The expiry of the warrants may be accelerated if the company's stock trades above $3.50 for more than 20 consecutive trading days at any time more than one year after issuance.
That acceleration provision was also changed on Thursday, according to the 8-K. Previously, expiry of the warrants could be accelerated if the stock traded above $2.00 for more than 20 consecutive trading days, and that right was exercisable during the first year.
Proceeds will be used for property acquisitions, for development and for general corporate purposes.
Located in Blaine, Wash., Ireland is a mineral exploration company.
| Issuer: | Ireland Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $13 million
|
| Units: | 20 million
|
| Price: | $0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
|
| Pricing date: | April 25
|
| Settlement dates: | June 20 (for $2.77 million); July 20 (for $4.62 million); Aug. 20 (for $2.53 million)
|
| Stock symbol: | OTCBB: IRLD
|
| Stock price: | $1.26 at close April 25
|
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