By Laura Lutz
Des Moines, Aug. 2 - Oriental Minerals Inc. increased the size of its non-brokered private placement of units to C$9,842,500 from C$7.75 million.
The company also closed a second tranche for C$2,155,100, bringing the total raised so far to C$7,376,299.80.
In total, the company plans to sell 6.35 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 settled on July 20. It consisted of 3,368,516 units for proceeds of C$5,221,199.80.
The second tranche included 1,390,387 units.
The deal priced on July 10 as an offering of 5 million units.
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$9,842,500
|
| Units: | 6.35 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
|
| Upsized: | Aug. 2
|
| Settlement dates: | July 20 (for C$5,221,200); Aug. 2 (for C$2,155,100)
|
| Stock symbol: | TSX Venture: OTL
|
| Stock price: | C$1.65 at close July 10
|
| Stock price: | C$1.75 at close July 19
|
| Stock price: | C$1.53 at close Aug. 2
|
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