By Devika Patel
Knoxville, Tenn., June 30 - Klondex Mines Ltd. said it completed a C$3 million private placement of stock.
The company sold 1,714,285 common shares at C$1.75 per share to China Mineral United Management Ltd.
Proceeds will fund Klondex's near-term obligations, including the costs of responding to the unsolicited takeover bid made by Silvercorp Metals Inc., upcoming property payments, exploration and corporate overhead as well as expenses triggered by the anticipated grant of permits by the U.S. Bureau of Land Management for the company's underground program at its Fire Creek deposit in Nevada.
Vancouver, B.C.-based Klondex is a gold exploration company.
| Issuer: | Klondex Mines Ltd.
|
| Issue: | Common shares
|
| Amount: | C$3 million
|
| Shares: | 1,714,285
|
| Price: | C$1.75
|
| Warrants: | No
|
| Investor: | China Mineral United Management Ltd.
|
| Settlement date: | June 30
|
| Stock symbol: | Toronto: KDX
|
| Stock price: | C$2.09 at close June 29
|
| Market capitalization: | C$52.9 million
|
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