By Angela McDaniels
Tacoma, Wash., May 27 - Apogee Minerals Ltd. said it completed the second tranche of a C$1.61 million non-brokered private placement of units, raising C$299,000.
The deal priced as a stock offering in February and was amended on March 11 to include units. The company raised C$1.31 million in the first tranche on April 30.
The company sold 21,829,033 units in the first tranche and 4,983,333 units in the second tranche for a total of 26,812,366 units.
Each unit sold for C$0.06 and consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.10 for two years.
Proceeds will be used for the development of key projects and working capital purposes.
Toronto-based Apogee is a producer of silver, zinc and lead.
| Issuer: | Apogee Minerals Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,608,742
|
| Units: | 26,812,366
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 18
|
| Revised: | March 11
|
| Settlement date: | April 30 (for C$1,309,742); May 26 (for C$299,000)
|
| Stock symbol: | TSX Venture: APE
|
| Stock price: | C$0.075 at close Feb. 17
|
| Market capitalization: | C$3.35 million
|
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