By Sheri Kasprzak
New York, Nov. 27 - Jinshan Gold Mines Inc. priced a C$30 million private placement of units comprised of promissory notes and warrants.
The company plans to sell 30,000 units at C$1,000 each.
Each unit includes one note in principal of C$1,000 and warrants for 200 common shares.
The 12% notes are due in three years. The note may be prepaid at any time without penalty.
The warrants are exercisable at C$1.60 each for two years. The expiry of the warrants may be accelerated if the volume weighted average share price for Jinshan's stock is above C$2.75 for 20 consecutive trading days.
Haywood Securities Inc. is the placement agent for the deal, set to close Dec. 12.
Proceeds will be used for capital expenditures and working capital.
Vancouver, B.C.-based Jinshan is a gold exploration and development company focused on projects in Asia.
| Issuer: | Jinshan Gold Mines Inc.
|
| Issue: | Units of one promissory note and warrants for 200 common shares
|
| Amount: | C$30 million
|
| Units: | 30,000
|
| Price: | C$1,000
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For 200 common shares per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.60
|
| Placement agent: | Haywood Securities Inc.
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 12
|
| Stock symbol: | Toronto: JIN
|
| Stock price: | C$1.38 at close Nov. 24
|
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