By Laura Lutz
Des Moines, Feb. 14 - Liberty Mines Inc. raised C$1,458,540 from the second tranche of a private placement of units and flow-through shares, bringing the total deal size to C$9,500,130.
In the second tranche, the company sold 540,200 flow-through shares at C$2.70 per share.
On Feb. 7, the company sold 1,311,700 flow-through shares at C$2.70 per share and 1.8 million units of one non flow-through share and one half-share warrant at C$2.50 per unit. Each whole warrant is exercisable at C$2.80 for two years.
Salman Partners Inc. acted as agent.
The placement priced on Jan. 18 as a C$5 million offering with a greenshoe for up to C$1 million.
The deal was modified to allow one institutional investor to settle in a second tranche on Feb. 14.
Also on Feb. 7, the company settled a non-brokered private placement of flow-through shares and units for C$2,599,870.
In the non-brokered placement, the company sold 407,600 flow-through shares and 599,740 units on the same terms as in the brokered deal.
The non-brokered placement also priced on Jan. 18. It was originally planned as a C$2 million offering.
The company has now secured C$12.1 million from the two placements.
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.
Brokered placement
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$9,500,130
|
| 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
|
| Stock price: | C$2.70 at close Feb. 7
|
| Stock price: | C$2.92 at close Feb. 13
|
|
|
| Flow-through shares
|
| Shares: | 1,311,700
|
| Price: | C$2.70
|
| Warrants: | No
|
|
|
| Units
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.80
|
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