By Sheri Kasprzak
New York, Aug. 10 - Archipelago Resources plc said it has closed a private placement of shares for £2.25 million.
The company sold 6,521,739 shares at 34.5p each to RAB Special Situations Master Fund Ltd.
The proceeds will be paid in installments, with the first two payments due in August, the third in October and the fourth and final in December.
Ambrian Partners was the placement agent.
Proceeds from the deal will be used for working capital.
Archipelago is a London-based mineral exploration company.
| Issuer: | Archipelago Resources plc
|
| Issue: | Stock
|
| Amount: | £2.25 million
|
| Shares: | 6,521,739
|
| Price: | 34.5p
|
| Warrants: | No
|
| Investor: | RAB Special Situations Master Fund Ltd.
|
| Placement agent: | Ambrian Partners
|
| Settlement date: | Aug. 10
|
| Stock price: | 32p at close Aug. 9
|
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