By Laura Lutz
Des Moines, July 20 - Oriental Minerals Inc. raised C$5,221,199.80 from the first tranche of its previously announced C$7.75 million private placement of units.
In total, 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 first tranche consisted of 3,368,516 units.
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.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$7.75 million
|
| Units: | 5 million
|
| Price: | C$1.55
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | July 10
|
| Settlement date: | July 20 (for C$5,221,199.80)
|
| Stock symbol: | TSX Venture: OTL
|
| Stock price: | C$1.65 at close July 10
|
| Stock price: | C$1.75 at close July 19
|
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