Company sells units of one share, a half-share warrant at C$0.45 each
By Devika Patel
Knoxville, Tenn., Feb. 24 - Acadian Mining Corp. said it plans a private placement of units. The deal will raise C$8.1 million.
The company will sell 18 million units at C$0.45 apiece to China Metallurgical Exploration Corp. The units each consist of one common share and a half-share warrant, with each whole warrant exercisable at C$0.60 for three years. The strike price represents a 53.85% premium over the Feb. 22 closing share price of C$0.39.
Acadian is a Halifax, N.S.-based mining company that operates a zinc-lead mine at Gays River, N.S., and is exploring and developing gold, zinc-lead and barite properties in Atlantic Canada.
| Issuer: | Acadian Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$8.1 million
|
| Units: | 18 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
| Investor: | China Metallurgical Exploration Corp.
|
| Pricing date: | Feb. 24
|
| Stock symbol: | Toronto: ADA
|
| Stock price: | C$0.39 at close Feb. 23
|
| Market capitalization: | C$21.67 million
|
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