By Sheri Kasprzak
New York, Oct. 25 - Kansai Mining Corp. said it has priced a private placement for C$3 million.
The company intends to sell on a non-brokered basis 16,304,347 units at C$0.184 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.25 each for two years.
Proceeds will be used for working capital.
Most recently, the company completed another non-brokered deal for 1.55 million units at C$0.23 each for C$356,500.
Related to this offering, the company's senior management sold 1.3 million shares at C$0.23 each as part of a gypsy swap and reinvested the proceeds by buying 1.3 million units under the private placement. The units from the offering include one share and one half-share warrant. The whole warrants are exercisable at C$0.44 each for two years.
Based in Payson, Ariz., Kansai is a mineral exploration company.
| Issuer: | Kansai Mining Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 16,304,347
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| Price: | C$0.184
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Pricing date: | Oct. 24
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| Stock price: | C$0.22 at close Oct. 24
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