By Sheri Kasprzak
Atlanta, Dec. 20 - Olympus Pacific Minerals Inc. said Monday it will raise C$5.08 million in a private placement.
The offering includes 12.7 million shares at C$0.40 each.
Underwriter Dragon Capital Markets Ltd. has an option to increase the size of the placement by 3 million shares 30 days before the deal closes.
The private placement is expected to close by Dec. 31.
Dragon Capital also agreed Monday to arrange a US$2 million loan for Olympus.
Olympus is a Toronto-based mineral exploration and development company with interests in mineral deposits in Vietnam. The company plans to use the proceeds from the private placement to fund the development of the Ho Gan deposit, exploration programs on its Bong Mieu gold property and Phuoc Son gold project. The remainder of the funds will be used for working capital.
| Issuer: | Olympus Pacific Minerals Inc.
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| Issue: | Stock
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| Amount: | C$5.08 million
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| Shares: | 12.7 million
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| Price: | C$0.40
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| Warrants: | No
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| Underwriter: | Dragon Capital Markets Ltd.
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| Announcement date: | Dec. 20
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| Settlement date: | Dec. 31
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| Stock price: | C$0.385 at close Dec. 20
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