By Sheri Kasprzak
New York, June 7 - Landis Mining Corp. pocketed C$1 million from a private placement of units.
The company issued 2.5 million units of one share and two warrants for one share each.
The first warrant is exercisable at C$0.70 each for six months and the second at C$1.00 each for 18 months.
Proceeds will be used for the advancement of the company's 50% interest in the Alton Natural Gas Storage project in Nova Scotia and for working capital.
Landis, based in Calgary, Alta., is an oil and natural gas exploration company.
| Issuer: | Landis Mining Corp.
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| Issue: | Units of one share and one warrant for two shares
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| Amount: | C$1 million
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| Units: | 2.5 million
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| Price: | C$0.40
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| Warrants: | Two per unit for one share each
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| Warrant expiration: | Six months for one warrant; 18 months for the other warrant
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| Warrant strike price: | C$0.70 for one warrant; C$1.00 for the other warrant
|
| Settlement date: | June 7
|
| Stock symbol: | TSX Venture: LIS
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| Stock price: | C$0.59 at close June 7
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