By Sheri Kasprzak
New York, Nov. 28 - Liberty Mines Inc. said placement agent MGI Securities Inc. has exercised its over-allotment option on Liberty Mines' previously announced private placement, raising total proceeds to C$3 million.
The company will now offer 5,070,639 flow-through shares at C$0.45 each and 1,795,530 units at C$0.40 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.50 each through Nov. 25, 2007.
The deal was first announced Oct. 18 as a C$2.5 million offering of up to 4,222,222 flow-through shares and up to 1.5 million units under the same terms.
The proceeds will be used for drying the Redstone nickel mine, for exploration at the mine and for working capital.
Based in Timmins, Ont., Liberty is a mineral exploration and development company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$3 million (includes greenshoe for C$500,000)
|
| Placement agent: | MGI Securities Inc.
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| Pricing date: | Oct. 18
|
| Greenshoe exercised: | Nov. 25
|
| Stock price: | C$0.39 at close Oct. 18
|
| Stock price: | C$0.495 at close Nov. 25
|
|
|
| Flow-through shares
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| Shares: | 5,070,639
|
| Price: | C$0.45
|
| Warrants: | No
|
|
|
| Units
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| Units: | 1,795,530
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| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 25, 2007
|
| Warrant strike price: | C$0.50
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