Non-brokered offering to finance exploration and corporate expenses
By Devika Patel
Knoxville, Tenn., March 20 - MacDonald Mines Exploration Ltd. said it will conduct a C$4.1 million non-brokered private placement of stock.
The company will sell flow-through common shares at C$0.12 apiece and common shares at C$0.11 apiece. The prices per share are 20% and 10% premiums to C$0.10, the March 19 closing share price.
Proceeds will be used for exploration and general corporate expenses.
Toronto-based MacDonald is a mineral exploration company with a focus on nickel, chrome, copper, zinc, vanadium and titanium in the "Ring of Fire" area of the James Bay Lowlands of Northern Ontario.
Issuer: | MacDonald Mines Exploration Ltd.
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Issue: | Flow-through common shares, common shares
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Amount: | C$4.1 million
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | March 20
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Stock symbol: | TSX Venture: BMK
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Stock price: | C$0.10 at close March 19
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Market capitalization: | C$21.26 million
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Flow-through stock
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Price: | C$0.12
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Common stock
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Price: | C$0.11
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