By Devika Patel
Knoxville, Tenn., May 15 - Anaconda Mining Inc. said it raised C$2 million in a non-brokered private placement of units.
The company sold 2 million units of one common share and one half-share warrant at C$1.00 per unit. The whole warrants are exercisable at C$1.25 for 18 months.
The warrants may expire sooner if the company's shares close at C$2.50 or higher for 10 consecutive trading days. In that case, the warrants will expire 20 days after the company notifies holders.
Proceeds will be used to advance the company's San Gabriel Iron Project and for general working capital.
Anaconda is a mineral resource company in Toronto.
| Issuer: | Anaconda Mining Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 2 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Settlement date: | May 15
|
| Stock symbol: | Toronto: ANX
|
| Stock price: | C$0.91 at close May 14
|
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