By Devika Patel
Knoxville, Tenn., Sept. 13 - Liberty Mines Inc. said its previously announced private placement of stock has been over-subscribed and has been increased to C$9.98 million from C$8.55 million. The company also has increased its non-brokered placement of flow-through shares to C$1.43 million from C$450,000.
In the first deal, the company now will sell 3,500,000 flow-through common shares, up from 3,000,000 shares, at C$2.85 apiece. The 500,000 flow-through shares, up from 157,895 shares, in the second placement will be sold at the same price.
As previously reported, Salman Partners Inc. is the agent for the first offering and will receive a cash commission equal to 6% of the gross proceeds from the first offering and warrants equal to 6% of the number of shares sold. The agent's warrants will be exercisable for common shares at C$2.85 for 18 months.
Closing is expected around Sept. 27.
Proceeds will be used for exploration and development at the McWatters mine, the Hart nickel project, other projects in the Shaw Dome Nickel Belt and the Groves nickel copper PGM project.
Liberty Mines is a Timmins, Ont.-based mineral exploration and development company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$9,975,000 (first offering); C$1,425,000 (second offering)
|
| Shares: | 3,500,000 flow-through common shares (first offering); 500,000 (second offering)
|
| Price: | C$2.85
|
| Warrants: | No
|
| Agent: | Salman Partners Inc. (first offering)
|
| Pricing date: | Sept. 12
|
| Upsized: | Sept. 12
|
| Stock symbol: | TSX Venture: LBE
|
| Stock price: | C$2.27 at close Sept. 12
|
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