Offering's proceeds slated for acquisition of claim blocks in Mexico
By Devika Patel
Knoxville, Tenn., Oct. 15 - Mayen Minerals Ltd. announced it will complete a private placement of units on a best-efforts basis. MGI Securities Inc. is the lead agent.
The company will sell 9.3 million units of one common share and one half-share warrant at C$0.65 per unit for C$6.05 million. Each whole one-year warrant will be exercisable at C$0.90, a 38.46% premium to the Oct. 14 closing share price of C$0.65.
Proceeds will be used to fund the company's planned acquisition of an undivided 56% interest in 6 claim blocks in Mexico, for exploration and the development of the company's properties in Mexico, for the cost of the offering and for general working capital.
Mayen Minerals is a resource exploration company based in Vancouver, B.C.
| Issuer: | Mayen Minerals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$6,045,000
|
| Units: | 9.3 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.90
|
| Agent: | MGI Securities Inc. (lead)
|
| Pricing date: | Oct. 15
|
| Stock symbol: | TSX Venture: MYM
|
| Stock price: | C$0.65 at close Oct. 14
|
| Market capitalization: | C$7.09 million
|
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