By Devika Patel
Knoxville, Tenn., Aug. 20 - MacDonald Mines Exploration Ltd. said it raised C$2.92 million in a private placement of units.
The company sold 15,357,894 units of one flow-through common share and one half-share warrant at C$0.19 apiece.
Each whole two-year warrant will be exercisable at C$0.25. The strike price reflects a 38.89% premium to the Aug. 19 closing share price of C$0.18.
Proceeds will be used for exploration.
Toronto-based MacDonald is engaged in the identification, acquisition and exploration of mineral properties.
| Issuer: | MacDonald Mines Exploration Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2,918,000
|
| Units: | 15,357,894
|
| Price: | C$0.19
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Settlement date: | Aug. 20
|
| Stock symbol: | TSX Venture: BMK
|
| Stock price: | C$0.18 at close Aug. 20
|
| Market capitalization: | C$28.28 million
|
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