Non-brokered offering funds drilling program, general working capital
By Marisa Wong
Morgantown, W.Va., Sept. 15 – Minsud Resources Corp. said it closed a second tranche of its non-brokered private placement of units, raising C$578,000.
The company sold 5.78 million units at C$0.10 per unit in the second tranche.
Proceeds for the private placement, initially announced on Aug. 13 for C$2 million, now total C$1,890,478. As previously announced, the company closed the first tranche on Aug. 20 for proceeds of C$1,312,478.
The company is selling 20 million units of one common share and one warrant at C$0.10 per unit. It sold 13,124,775 units in the first tranche.
Each warrant is exercisable at C$0.35 for two years, with the first-tranche warrants expiring on Aug. 20, 2017 and the second-tranche warrants expiring on Sept. 15, 2017. The strike price reflects a 288.89% premium to the Aug. 12 closing share price of C$0.09.
Compania de Tierras Sud Argentino SA bought 3.6 million units for C$360,000 in the first tranche.
Proceeds will be used for a drilling program, working capital and corporate overhead requirements.
The Toronto company explores for precious and base metals.
| Issuer: | Minsud Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 20 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years, Aug. 20, 2017 for first-tranche warrants, Sept. 15, 2017 for second-tranche warrants
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Investor: | Compania de Tierras Sud Argentino SA (for C$360,000)
|
| Pricing date: | Aug. 13
|
| Settlement dates: | Aug. 20 (for C$1,312,478), Sept. 15 (for C$578,000)
|
| Stock symbol: | TSX Venture: MSR
|
| Stock price: | C$0.09 at close Aug. 12
|
| Market capitalization: | C$5.53 million
|
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