By Laura Lutz
Des Moines, July 10 - Oriental Minerals Inc. arranged a private placement of units for up to C$7.75 million.
The company plans to sell 5 million units of one share and one warrant at C$1.55 per unit. Each warrant will be exercisable at C$2.00 for 18 months.
The placement is non-brokered.
Proceeds will be used for the company's South Korea projects, for additional project acquisitions and for working capital.
Oriental is a mining company based in Vancouver, B.C.
Issuer: | Oriental Minerals Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$7.75 million
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Units: | 5 million
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Price: | C$1.55
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Warrants: | One per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$2.00
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Agent: | Non-brokered
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Pricing date: | July 10
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Stock symbol: | TSX Venture: OTL
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Stock price: | C$1.65 at close July 10
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