New Issue: Liberty Mines arranges C$30 million placement of preferreds, stock

By Devika Patel

Knoxville, Tenn., April 14 - Liberty Mines Inc. said it plans a C$30 million private placement of common stock and preferred shares with Jilin Jien Nickel Industry Co., Ltd.

The company will sell 85,732,763 common shares at C$0.11 per share for C$9.43 million and 186,994,510 preferred shares at C$0.11 per preferred for C$20.57 million.

Upon closing of the financing, Jilin Jien will own 51% of Liberty's common shares, which represents a change of control.

The 8% preferred shares are convertible into common shares on a one for one basis.

Liberty Mines is a Timmins, Ont.-based mineral exploration and development company.

Issuer:	Liberty Mines Inc.
Issue:	Preferred shares, common shares
Amount:	C$30 million
Price:	C$0.11
Warrants:	No
Investor:	Jilin Jien Nickel Industry Co., Ltd.
Pricing date:	April 14
Stock symbol:	Toronto: LBE
Stock price:	C$0.165 at close April 13
Preferreds
Amount:	C$20,569,396.10
Shares:	186,994,510
Dividends:	8%
Conversion ratio:	One common share per preferred
Common stock
Amount:	C$9,430,603.93
Shares:	85,732,763

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