By Sheri Kasprzak
New York, June 6 - Messina Minerals Inc. has concluded its previously announced private placement for C$5,955,025.
The company sold 2,125,000 flow-through shares at C$2.00 each and 974,300 non flow-through units at C$1.75 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$2.00 for two years.
The non-brokered deal priced on May 9 as a C$6 million offering of 2,125,000 flow-through shares and 1 million units.
The proceeds from the units will be used for working capital, and the proceeds from the flow-through shares will be used for exploration on the company's Newfoundland properties.
In other news, Messina revised its Newfoundland exploration budget to C$6.5 million.
Vancouver, B.C.-based Messina is a mineral exploration company.
| Issuer: | Messina Minerals Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$5,955,025
|
| Placement agent: | Non-brokered
|
| Pricing date: | May 9
|
| Settlement date: | June 6
|
| Stock symbol: | TSX Venture: MMI
|
| Stock price: | C$1.65 at close May 9
|
| Stock price: | C$1.60 at close June 6
|
|
|
| Flow-through shares
|
| Shares: | 2,125,000
|
| Price: | C$2.00
|
| Warrants: | No
|
|
|
| Non flow-through units
|
| Units: | 974,300
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
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