By Devika Patel
Knoxville, Tenn., Aug. 29 - Mindoro Resources Ltd. announced that it plans to raise up to C$3.9 million in a private placement of units.
The company will sell 6.5 million units at C$0.60 per unit. Each unit will consist of one common share and one warrant. Each two-year warrant is exercisable at C$0.90 for one year and C$1.10 thereafter.
The company may pay finders' fees in this deal.
Proceeds will be used for advancing Mindoro's projects in the Philippines.
Mindoro is a mineral exploration company based in Edmonton, Alta.
| Issuer: | Mindoro Resources Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3.9 million
|
| Units: | 6.5 million
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90 in the first year; C$1.10 in the second year
|
| Pricing date: | Aug. 29
|
| Stock symbol: | TSX Venture: MIO
|
| Stock price: | C$0.70 at close Aug. 28
|
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