Deal sells stock at $0.77 each; proceeds fund gold, silver exploration
By Devika Patel
Knoxville, Tenn., April 5 - Karmin Exploration Inc. said it concluded a $4.59 million private placement of stock. The deal, which was conducted on a best-efforts basis by agent Kallpa Securities SAB SA, priced for between $4 million and $10 million on March 26.
Karmin sold 5,959,992 common shares at $0.77 each.
The shares were sold in Peru, Colombia, Chile and other South American countries. Kallpa is sponsoring Karmin's listing on the Lima Stock Exchange.
Proceeds will be used for exploration on the company's Cushuro gold project in the Alto Chicama gold district of northern Peru and on its Aripuana gold-silver project, to pay the company's obligation of $2.5 million to Alberto Aurelio Arias Davila under a purchase agreement announced in November and for general corporate purposes.
Karmin is a Toronto-based company that owns various mineral projects in South America.
| Issuer: | Karmin Exploration Inc.
|
| Issue: | Common shares
|
| Amount: | $4,589,194
|
| Shares: | 5,959,992
|
| Price: | $0.77
|
| Warrants: | No
|
| Agent: | Kallpa Securities SAB SA
|
| Announcement date: | March 26
|
| Settlement: | April 5
|
| Stock symbol: | TSX Venture: KAR
|
| Stock price: | C$0.83 at close on March 23
|
| Market capitalization: | C$45.86 million
|
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