By Sheri Kasprzak
Atlanta, Nov. 30 - Anvil Mining Ltd. said Tuesday it will raise C$20,002,500 through the private placement of special warrants.
The company will offer 3,810,000 special warrants at C$5.25 each.
The offering features an over-allotment option for an additional 1.43 million special warrants. If the option is exercised, the company will receive an additional C$7,507,500.
Two million of the special warrants will convert immediately into one share and one half-share warrant, while the balance will convert upon shareholder approval. The next shareholders' meeting is scheduled for Jan. 20.
The half-share warrants in the deal are convertible into shares at C$6.25 each for 36 months.
The warrants are callable if Anvil's stock trades higher than C$8 for 20 consecutive days.
The offering is scheduled to close Dec. 15.
Based in Toronto, Anvil is a base and precious metals mining and exploration company. It plans to use the proceeds from the private placement for the acquisition of its interest in the Mutoshi joint venture and to develop both the Mutoshi and Kinsevere-Nambulwa projects in the Congo. The remainder of the funds will be used for working capital.
| Issuer: | Anvil Mining Ltd.
|
| Issue: | Special warrants
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| Amount: | C$20,002,500
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| Shares: | 3,810,000 special warrants
|
| Price: | C$5.25
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| Warrants: | One half-share warrant per unit after conversion
|
| Warrant expiration: | 36 months
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| Warrant strike price: | C$6.25
|
| Announcement date: | Nov. 30
|
| Settlement date: | Dec. 15
|
| Stock price: | C$5.65 at close Nov. 29
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