By Sheri Kasprzak
New York, Feb. 7 - Liberty Mines Inc. said it plans to raise C$2.5 million in a non-brokered private placement.
The offering includes up to 2,857,143 flow-through shares at C$0.70 each and 769,231 non flow-through units at C$0.65 each.
The units consist of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.85 each for two years.
Assuming the company's stock trades above C$1.25 for more than 20 consecutive trading days, the expiry of the warrants may be accelerated to 30 days.
Proceeds will be used for exploration on the company's Redstone nickel mine, drilling at the McWatters and McAra cobalt deposits, as well as for working capital.
Based in Mississauga, Ont., Liberty is a mineral exploration company.
| Issuer: | Liberty Mines Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$2.5 million (maximum)
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 7
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| Stock symbol: | TSX Venture: LBE
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| Stock price: | C$0.62 at close Feb. 7
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| Flow-through shares
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| Shares: | 2,857,143 (maximum)
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| Price: | C$0.70
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| Warrants: | No
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|
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| Units
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| Units: | 769,231 (maximum)
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| Price: | C$0.65
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.85
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