By Devika Patel
Knoxville, Tenn., Oct. 30 - Liberty Mines Inc. announced it has negotiated a C$17.5 million private placement of units.
The company will sell up to 7 million units at C$2.50 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$3.00 for 18 months.
Closing is expected on Nov. 15.
Salman Partners Inc. will lead a syndicate of agents that includes Westwind Partners Inc. The agents will receive a 6% cash commission and warrants equal to 6% of the number of units sold. The agent's warrants will be exercisable for common shares at C$3.00 for 18 months.
Proceeds will be used for the construction of a portal and ramp for the McWatters mine, for development of the Redstone Shaft and for general working capital.
Liberty Mines is a Timmins, Ont.-based mineral exploration and development company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$17.5 million
|
| Units: | 7 million
|
| Price: | C$2.50
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | 18 months
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| Warrant strike price: | C$3.00
|
| Agents: | Salman Partners Inc. (lead), Westwind Partners Inc.
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.43 at close Oct. 29
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