MacDonald wraps C$4.66 million of shares with C$3.62 million tranche

Non-brokered offering to finance exploration and corporate expenses

By Devika Patel

Knoxville, Tenn., April 4 - MacDonald Mines Exploration Ltd. said it took in C$3.62 million in the second and final tranche of a C$4.66 million non-brokered private placement of stock. The deal priced for C$4.1 million on March 20 and raised C$1.04 million on March 29.

The company sold a total of 31,505,834 flow-through common shares at C$0.12 apiece and 7,978,484 common shares at C$0.11 apiece. The prices per share are 20% and 10% premiums, respectively, to C$0.10, the March 19 closing share price.

In the first tranche, MacDonald sold 8,658,335 flow-through shares. It sold 22,847,499 flow-through shares and 7,978,484 common shares in the second tranche.

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.
Issue:	Flow-through common shares, common shares
Amount:	C$4,658,333
Warrants:	No
Agent:	Non-brokered
Pricing date:	March 20
Settlement date:	March 29 (for C$1,039,000), April 4 (for C$3,619,333)
Stock symbol:	TSX Venture: BMK
Stock price:	C$0.10 at close March 19
Market capitalization:	C$37.67 million
Flow-through stock
Amount:	C$3,780,700
Shares:	31,505,834
Price:	C$0.12
Common stock
Amount:	C$877,633
Shares:	7,978,484
Price:	C$0.11

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.