By Devika Patel
Knoxville, Tenn., Sept. 29 - Minaean International Corp. said it will not proceed with the second tranche of a C$2 million private placement of units that priced April 24.
The company settled the first tranche on May 9, taking in C$981,349.87.
In that tranche, the company sold 3,568,545 units. Of the units sold, 3,327,636 were sold by broker First Canadian Capital Markets Ltd.
Minaean International had planned to sell a total of 7,272,727 units of one common share and a three-quarters-share warrant at C$0.275 per unit. The whole warrants are exercisable at C$0.45 for two years.
Of the units, 400,000 would have been sold on a non-brokered basis. The remainder was to have been placed by First Canadian.
The company will pay a 7.5% finder's fee.
Proceeds will be used to fund the company's operations in India and North America and for working capital purposes.
Vancouver, B.C.-based Minaean International makes rapid, efficient building systems using cold formed steel technologies.
| Issuer: | Minaean International Corp.
|
| Issue: | Units of one common share and one three-quarters-share warrant
|
| Amount: | C$981,349.87
|
| Units: | 3,568,545
|
| Price: | C$0.275
|
| Warrants: | One three-quarters-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | First Canadian Capital Markets Ltd. (for 3,327,636 units); non-brokered (for 240,909 units)
|
| Fees: | 7.5%
|
| Pricing date: | April 24
|
| Settlement date: | May 9
|
| Amended: | Sept. 26
|
| Stock symbol: | TSX Venture MIB
|
| Stock price: | C$0.25 at close April 23
|
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