By Sheri Kasprzak
Atlanta, May 10 - Minco Mining & Metals Corp. said it has wrapped a private placement for C$5,345,000.
The company sold 4,276,000 special warrants at C$1.25 each for Minco Silver Corp. Minco sold 1,876,000 special warrants through placement agent First Associates Investments Inc. and 2.4 million on a non-brokered basis.
The special warrants are exchangeable for one common share before May 9, 2006 or the fifth day after Minco Silver receives approval by securities regulators for a final prospectus qualifying the conversion of the special warrants. If that prospectus is not approved by Nov. 9, 2005, the investors will receive 1.2 shares for each special warrant in lieu of the one share.
Once the prospectus is approved, Minco said it plans to conduct an initial public offering of 800,000 common shares at C$1.25 each for proceeds of C$1 million.
Based in Vancouver, B.C., Minco is a silver exploration company. It plans to use the proceeds for exploration in China and for working capital.
| Issuer: | Minco Mining & Metals Corp.
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| Issue: | Special warrants exchangeable for one common share
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| Amount: | C$5,345,000
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| Special warrants: | 4,276,000
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| Price: | C$1.25
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| Warrants: | No
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| Placement agent: | First Associates Investments Inc. (for 1,876,000 special warrants)
|
| Settlement date: | May 10
|
| Stock price: | C$1.20 at close May 10
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