By Laura Lutz
Des Moines, Jan. 8 - Oriental Minerals Inc. settled the final tranche of a private placement of units for C$1,869,568, bringing the total deal size to C$8,429,568.
The company sold 6,585,600 units of one share and one half-share warrant at C$1.28 per unit. The final tranche included 1,460,600 units.
Each whole warrant will be exercisable at C$1.60 for 18 months.
The deal priced on Dec. 5 as a C$6.4 million offering of up to 5 million units. On Dec. 14, the maximum size was increased to C$9.6 million.
Proceeds will be used for planning and work on the company's South Korea projects, for acquisitions and for working capital.
The deal will be non-brokered.
Oriental is a mineral exploration company based in Vancouver, B.C.
Issuer: | Oriental Minerals Inc.
|
Issue: | Units of one share and one half-share warrant
|
Amount: | C$8,429,568
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Units: | 6,585,600
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Price: | C$1.28
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.60
|
Agent: | Non-brokered
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Pricing date: | Dec. 5
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Upsized: | Dec. 14
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Settlement date: | Jan. 8
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Stock symbol: | TSX Venture: OTL
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Stock price: | C$1.46 at close Dec. 5
|
Stock price: | C$1.62 at close Dec. 14
|
Stock price: | C$1.40 at close Jan. 8
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