By Devika Patel
Knoxville, Tenn., March 10 - Liberty Mines Inc. said it has arranged a C$21 million private placement of units.
The company will sell units of one unsecured promissory note and 150 transferable warrants. Each C$1,000 note will carry a 12% coupon, paid semi-annually for three years. Each warrant will be exercisable at C$2.50 for two years.
Liberty Mines may redeem the notes at any time after two years for the principal amount and all outstanding interest up to the redemption date, plus an amount equal to the interest that would be payable on the notes for a three-month period after the redemption date.
Closing is expected around March 28.
Salman Partners Inc. will lead a syndicate of agents for this deal. The agents will receive a 6% commission.
Proceeds will be used for acquisitions, exploration and general working capital.
Liberty Mines is a Timmins, Ont.-based mineral exploration and development company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Units of one unsecured promissory note and 150 warrants
|
| Amount: | C$21 million
|
| Units: | 21,000
|
| Price: | C$1,000
|
| Coupon: | 12%
|
| Maturity: | Three years
|
| Warrants: | 150 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.50
|
| Agents: | Salman Partners Inc. (lead)
|
| Fees: | 6%
|
| Pricing date: | March 10
|
| Settlement date: | March 28
|
| Stock symbol: | Toronto: LBE
|
| Stock price: | C$1.50 at close Oct. 29
|
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