By Devika Patel
Knoxville, Tenn., July 26 - Arehada Mining Ltd. announced it plans a non-brokered private placement to raise up to C$6 million.
Arehada plans to sell up to 12 million units, with each unit consisting of one share and one half share warrant. The strike price of each two-year warrant is C$0.75. The warrants will expire sooner if Arehada's share price closes at C$1.50 for 20 successive days. In that case, the warrants will expire on the 10th business day after the company has notified warrant holders.
The offering is scheduled to close around Aug. 7.
Proceeds will be used to buy zinc concentrate at Arehada's zinc processing plant in China.
Arehada Mining, formerly Dragon Capital Corp., is a Toronto-based capital pool company.
| Issuer: | Arehada Mining Ltd.
|
| Issue: | Units of one share and one half share warrant
|
| Amount: | C$6 million (maximum)
|
| Units: | 12 million (maximum)
|
| Price: | C$0.50
|
| Warrants: | One half share warrant per unit
|
| Warrant strike price: | C$0.75
|
| Warrant expiration: | Two years; sooner if share price closes at C$1.50 for 20 successive days
|
| Placement agent: | Non-brokered
|
| Pricing date: | July 26
|
| Stock symbol: | Toronto: AHD
|
| Stock price: | C$0.60 at close on July 26
|
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