Company sells 10,933,333 of its shares at $0.15 per share in offering
By Devika Patel
Knoxville, Tenn., June 27 – Applied Minerals, Inc. said it settled a $1.64 million private placement of stock. Fimatech Ltd. was the lead investor.
The company sold 10,933,333 common shares at $0.15 per share, which is identical to the June 24 closing share price.
For each share, investors received 0.3 warrants, or warrants for a total of 3.28 million shares. The warrants are each exercisable at $0.25, a 66.67% premium to the June 24 closing price.
Proceeds will be used for commercialization.
New York-based Applied Minerals is an exploration company focusing on halloysite, kaolinite, alunite and other minerals.
| Issuer: | Applied Minerals, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.64 million
|
| Shares: | 10,933,333
|
| Price: | $0.15
|
| Warrants: | For 3.28 million shares
|
| Warrant strike price: | $0.25
|
| Investor: | Fimatech Ltd. (lead)
|
| Settlement date: | June 27
|
| Stock symbol: | OTCBB: AMNL
|
| Stock price: | $0.15 at close June 24
|
| Market capitalization: | $12.42 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
