By Sheri Kasprzak
New York, Nov. 16 - Miramar Mining Corp. said it has received an agreement from Newmont Mining Corp. of Canada Ltd. for a C$43.5 million private placement.
Newmont will buy 18.5 million units at C$2.35 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$2.75 each for four years.
The deal is expected to close on Nov. 18.
Proceeds will be used for development on the Hope Bay gold production belt.
Vancouver, B.C.-based Miramar is a gold exploration company.
| Issuer: | Miramar Mining Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$43.5 million
|
| Units: | 18.5 million
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| Price: | C$2.35
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| Warrants: | One warrant per unit
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| Warrant expiration: | Four years
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| Warrant strike price: | C$2.75
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| Investor: | Newmont Mining Corp. of Canada Ltd.
|
| Announcement date: | Nov. 16
|
| Settlement date: | Nov. 18
|
| Stock price: | C$1.70 at close Nov. 15
|
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