By Devika Patel
Knoxville, Tenn., May 11 - Anaconda Mining Inc. announced it has closed the second and final tranche of a C$2.5 million non-brokered private placement of units for C$480,000. The company raised C$2.02 million in an initial tranche on April 23.
The company sold 25 million units at C$0.10 apiece. Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.15 in the first year and at C$0.20 thereafter.
The warrants may expire sooner if the company's shares have an average closing price of at least C$0.40 per share for 20 consecutive trading days. In that case, the warrants will expire 20 days after the company notifies holders.
Proceeds will be used for preliminary mining and related activities at the company's Pine Cove gold mine and for general working capital purposes.
Anaconda is a mineral resource company in Toronto.
| Issuer: | Anaconda Mining Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$2.5 million
|
| Units: | 25 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 thereafter
|
| Agent: | Non-brokered
|
| Announcement date: | April 23
|
| Settlement date: | April 23 (for C$2.02 million), May 11 (for C$480,000)
|
| Stock symbol: | Toronto: ANX
|
| Stock price: | C$0.105 at close April 22
|
| Market capitalization: | C$13.6 million
|
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