Units of one common share, a half-share warrant sold at $1.00 apiece
By Devika Patel
Knoxville, Tenn., Dec. 22 - Applied Minerals, Inc. said it settled a $10 million private placement of units with Samlyn Capital, LLC.
The investor bought 10 million units of one common share and a half-share warrant at $1.00 per unit.
The whole warrants will be exercisable at $2.00 for five years. The strike price is a 65.29% premium to the Dec. 21 closing share price of $1.21.
Proceeds will be used for the company's growth capital expenditure program and general corporate purposes.
"This financing provides us with meaningful working capital as well as the ability to invest in a plant expansion program," president and chief executive officer Andre Zeitoun said in a press release. "This capital program will enable us to both expand our plant production capacity and enhance our material processing capabilities in order to meet the growing demand for our Dragonite line of products. The enhanced capabilities will enable us to further adapt our products to a wider variety of end markets.
"Additionally, the company plans to introduce for the first time, iron oxide pigments from our unique hematite & goethite iron ore resource. We continue to be ever more optimistic about the company's growth prospects as we enter into 2012. This financing will serve to expedite and enhance our aggressive growth plans."
New York-based Applied Minerals is an exploration company focusing on halloysite, kaolinite, alunite and other minerals.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $10 million
|
| Units: | 10 million
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Investor: | Samlyn Capital, LLC
|
| Settlement date: | Dec. 22
|
| Stock symbol: | OTCBB: AMNL
|
| Stock price: | $1.33 at close Dec. 22
|
| Market capitalization: | $105.17 million
|
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