Company is selling 63,115,559 units at C$0.05 per unit in offering
By Devika Patel
Knoxville, Tenn., Oct. 10 - Mindoro Resources Ltd. announced it raised C$2.22 million in the second tranche of a C$3.16 million private placement of units with TVI Pacific Inc. The deal raised C$938,968 on Sept. 28.
The company is selling 63,115,559 units at C$0.05 apiece. It sold 18,779,353 units in the first tranche and 44,336,206 units in the second 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3,155,778
|
| Units: | 63,115,559
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 28, 2017
|
| Warrant strike price: | C$0.10
|
| Investor: | TVI Pacific Inc.
|
| Settlement dates: | Sept. 28 (for C$938,968), Oct. 10 (for C$2,216,810)
|
| Stock symbol: | TSX Venture: MIO
|
| Stock price: | C$0.06 at close Sept. 27
|
| Market capitalization: | C$12.7 million
|
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