By Sheri Kasprzak
New York, Jan. 19 - MDN Northern Mining Explorations Ltd. said it plans to raise up to C$5,062,500 in a private placement.
The offering includes up to 6.75 million units at C$0.75 each.
The units consist of one share and one half-share warrant The full warrants are exercisable at C$1.00 each through Jan. 14, 2009.
The offering is being placed through a syndicate of agents led by Haywood Securities Inc. The syndicate has a greenshoe for up to 2,716,667 units.
The deal is scheduled to close on Feb. 14.
Proceeds will be used for exploration and development on the company's projects in Tanzania and in Eritrea. The rest will be used for working capital and general corporate purposes.
Based in Montreal, MDN is a gold exploration company.
Issuer: | MDN Northern Mining Explorations Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$5,062,500 (maximum)
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Units: | 6.75 million (maximum)
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Greenshoe: | For up to 2,716,667 units
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Price: | C$0.75
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Jan. 14, 2009
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Warrant strike price: | C$1.00
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Placement agent: | Haywood Securities Inc. (lead)
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Pricing date: | Jan. 19
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Settlement date: | Feb. 14
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Stock symbol: | Toronto: MDN
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Stock price: | C$0.75 at close Jan. 18
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