Company is selling 63,115,559 units at C$0.05 per unit in offering
By Devika Patel
Knoxville, Tenn., Oct. 1 - Mindoro Resources Ltd. announced it raised C$938,968 in the first tranche of a C$3.16 million private placement of units on Sept. 28.
The company is selling 63,115,559 units at C$0.05 apiece. It sold 18,779,353 units to TVI Pacific Inc. in this tranche.
The units consist of one common share and one warrant. Each warrant will be exercisable at C$0.10 until Sept. 28, 2017. The strike price reflects a 66.67% premium to the Sept. 27 closing share price of C$0.06.
Proceeds will be used to repay the loan provided by TVI Pacific.
Mindoro is a mineral exploration company based in Edmonton, Alta.
Issuer: | Mindoro Resources Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$3,155,778
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Units: | 63,115,559
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Sept. 28, 2017
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Warrant strike price: | C$0.10
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Investor: | TVI Pacific Inc.
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Settlement date: | Sept. 28 (for C$938,968)
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Stock symbol: | TSX Venture: MIO
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Stock price: | C$0.06 at close Sept. 27
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Market capitalization: | C$13.97 million
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