By Laura Lutz
Des Moines, April 24 - Liberty Mines Inc. arranged a private placement of units for up to C$18.6 million.
The company plans to sell 4 million units of one share and one half-share warrant at C$4.65 per unit. Each whole warrant will be exercisable at C$5.35 for 18 months.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares is at least C$5.50 for 20 consecutive trading days.
Salman Partners Inc. will be the agent.
Proceeds will be used for construction of a mine shaft and for working capital.
Settlement is expected on May 17.
Liberty Mines is a mineral exploration and development company based in Timmins, Ont.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$18.6 million
|
| Units: | 4 million
|
| Price: | C$4.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$5.35
|
| Agent: | Salman Partners Inc.
|
| Pricing date: | April 24
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$4.35 at close April 24
|
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