By Laura Lutz
Des Moines, Jan. 18 - Liberty Mines Inc. arranged two private placements of flow-through shares and units for up to C$7 million.
The company plans to sell flow-through shares at C$2.70 per share and units of one share and one half-share warrant at C$2.50 per unit. Each whole warrant will be exercisable at C$2.80 for two years.
Expiry of the warrants may be accelerated to 30 days if the closing trading price of the company's shares is at least C$3.75 for 20 consecutive trading days.
Salman Partners Inc. will act as lead agent for the first, C$5 million placement. Salman also has an over-allotment option for up to C$1 million.
Settlement is expected on Feb. 8.
Proceeds from the flow-through shares will be used for exploration and development on the company's Redstone, McWatters, Hart and Galata projects in Ontario. Proceeds from the units will be used for capital purchases at the Redstone mine, shaft and mill.
Liberty Mines is a mineral exploration and development company based in Timmins, Ont.
C$5 million placement
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$5 million
|
| Greenshoe: | For C$1 million
|
| Share price: | C$2.70
|
| Unit price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
| Agent: | Salman Partners Inc.
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.50 at close Jan. 17
|
|
|
| C$2 million placement
|
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Share price: | C$2.70
|
| Unit price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.50 at close Jan. 17
|
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