By Devika Patel
Knoxville, Tenn., May 6 - Malaga Inc. said it raised C$2.75 million in the first tranche of a C$6 million non-brokered private placement of units on May 5.
The company sold 18,321,667 units of one common share and one warrant at C$0.15 each. The warrants are exercisable at C$0.25 each for two years.
In the next tranche, Malaga will sell 21,666,667 subscription receipts at C$0.15 apiece. Each receipt will convert into one unit.
Resource Capital Fund V LLP will invest C$5 million.
Proceeds will be used for the upgrade of the mill at Pasto Bueno, the installation of additional equipment to improve recoveries, exploration and resource definitional drilling activities and for general corporate purposes.
Based in Montreal, Malaga is a tungsten mining company.
| Issuer: | Malaga Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Price: | C$0.15
|
| Agent: | Non-brokered
|
| Investor: | Resource Capital Fund V LLP (for C$5 million)
|
| Settlement date: | May 5 (for C$2.75 million)
|
| Stock symbol: | Toronto: MLG
|
| Stock price: | C$0.11 at close May 5
|
| Market capitalization: | C$19.2 million
|
|
|
| Units
|
| Amount: | C$2.75 million
|
| Units: | 18,321,667
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
|
|
| Receipts
|
| Amount: | C$3.25 million
|
| Receipts: | 21,666,667
|
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