IFC buys 10 million more Mindoro shares since units placement in July
By Marisa Wong
Madison, Wis., Oct. 21 - Mindoro Resources Ltd. announced it raised C$2 million in a private placement of common shares to IFC.
The company is selling 10 million common shares at C$0.20 per share, which represents a 16.67% discount to the Oct. 20 closing share price of C$0.24.
The placement is subject to a number of conditions, including the completion of a securities offering in Australia to raise A$8 million.
IFC previously purchased 10 million units from Mindoro in a private placement that closed on July 26. Each unit consisted of a common share and a warrant to purchase an additional common share at C$0.31 per share for five years from closing.
After the current placement closes, which is expected be by the end of November, IFC will own approximately 9.9% of Mindoro's outstanding common shares and approximately 14.15% if IFC exercises all of the warrants from the previous placement.
Mindoro is a mineral exploration company based in Edmonton, Alta.
| Issuer: | Mindoro Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$2 million
|
| Shares: | 10 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Investor: | IFC
|
| Announcement date: | Oct. 21
|
| Settlement date: | November
|
| Stock symbol: | TSX Venture: MIO
|
| Stock price: | C$0.24 at close Oct. 20
|
| Market capitalization: | C$36.46 million
|
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