By Sheri Kasprzak
New York, July 29 - MDN Northern Mining said it has completed a private placement for C$1.5 million.
The company sold 3.75 million units at C$0.40 each.
The units are comprised of one share and one warrant. The warrants provide for the purchase of an additional share at C$0.75 each for five years.
Dundee Securities Corp. and Quest Securities Corp. led a syndicate of placement agents for the deal.
According to a statement released by MDN, the company chose to restrict the size of the offering because its management believes "that the current stock price does not correctly reflect the value of MDN Northern Mining."
Proceeds from the offering will be used for exploration programs on the company's mineral properties in Tanzania and Eritrea. The remainder will be used for working capital.
Based in Montreal, MDN is a mineral exploration company.
| Issuer: | MDN Northern Mining
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 3.75 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.75
|
| Placement agents: | Dundee Securities Corp., Quest Securities Corp. (co-leads)
|
| Settlement date: | July 29
|
| Stock price: | C$0.52 at close July 29
|
|
|
© 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.
