Deal funds debt settlement, general working capital and development
By Devika Patel
Knoxville, Tenn., May 13 – Minaean International Corp. said it has arranged a C$1.65 million private placement of stock with Shapoorji Pallonji International FZC and another investor.
The company will sell 27.5 million common shares at C$0.06 per share. The price per share reflects a 50% premium to the May 12 closing share price of C$0.04.
Proceeds will be used to settle the company’s debt and for general working capital and business development.
The company also plans to settle $175,000 of debt at a price of C$0.10 per share.
Vancouver, B.C.-based Minaean develops alternative building technologies using light-gauge steel.
| Issuer: | Minaean International Corp.
|
| Issue: | Common shares
|
| Amount: | C$1.65 million
|
| Shares: | 27.5 million
|
| Price: | C$0.06
|
| Warrants: | No
|
| Investor: | Shapoorji Pallonji International FZC
|
| Pricing dates: | May 13
|
| Stock symbol: | TSX Venture: MIB
|
| Stock price: | C$0.04 at close May 12
|
| Market capitalization: | C$2.14 million
|
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