By Laura Lutz
Des Moines, Aug. 10 - Oriental Minerals Inc. raised C$2,348,250 from the third and final tranche of its private placement of units, bringing the total deal size to C$9,624,549.85.
In total, the company sold 6,209,387 units at C$1.55 each.
The units each consist of one share and one warrant. Each warrant is exercisable at C$2.00 for 18 months.
The first tranche settled on July 20. It originally consisted of 3,368,516 units, but one subscription for 64,516 units was rescinded. The final total for the tranche was 3.304 million units, for proceeds of C$5,121,200.
The second tranche consisted of 1,390,387 units for proceeds of C$2,155,099.85. It closed on Aug. 2.
The third tranche included 1.515 million units.
The deal priced on July 10 as a C$7.75 million offering of 5 million units. On Aug. 2, it was increased to a C$9,842,500 offering of 6.35 million units.
The placement was 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$9,624,549.85
|
| Units: | 6,209,387
|
| 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 date: | July 20 (for C$5,121,199.85); Aug. 2 (for C$2,155,100); Aug. 10 (for C$2,348,250)
|
| 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
|
| Stock price: | C$1.31 at close Aug. 9
|
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