By Sheri Kasprzak
Atlanta, March 1 - Mandalay Resources Corp. said it will hit the private placement market with an offering for up to $1 million of units.
The company plans to sell up to 10 million units at $0.10 each. The units include one share and one warrant.
The warrants allow for an additional share at $0.135 each for two years.
Based in Vancouver, B.C., Mandalay is a mineral exploration company. It plans to use the proceeds for the exploration of its properties in Chile and for general working capital.
| Issuer: | Mandalay Resources Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | $1 million (maximum)
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| Units: | 10 million (maximum)
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| Price: | $0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.135
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| Pricing date: | Feb. 28
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| Stock price: | C$0.115 at close Feb. 28
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